Apple stock fell $3.79 (-2.39%) on Friday to close at $154.73, posting the longest weekly losing streak since May 2021.
Ryan Vlastelic for Bloomberg News:
Apple is down 5% since last Friday, a fifth straight week of losses totaling 10%. Apple is also poised to close at the lowest level since November.
Tech stocks have come under pressure this year amid concern that growth will slow and the prospect of higher rates from the Federal Reserve. Russia’s invasion of Ukraine, which led to a spike in commodity prices and further underlined inflation risk, has also weighed on the group.
Apple remains a relative outperformer so far this year, though. Its 2022 loss of 13% is better than the Nasdaq 100’s 18% drop. Investors have gravitated toward it as something of a safe-haven, although that has not been enough to offset the macroeconomic factors that are expected to continue weighing on the sector.
MacDailyNews Take: How low can Apple stock go? (Hopefully a bit lower for a nice sub-$150 entry.)
If you’ve got one (and can afford the gas), get ready to back up the truck.
At the end of April, Apple will report record March quarter earnings along with updates to the company’s dividend payout and share repurchase program.
We expect to achieve solid year-over-year revenue growth and set a March quarter revenue record despite significant supply constraints, which we estimate to be less than what we experienced during the December quarter. – Apple CFO Luca Maestri, January 27, 2022
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