Apple shares fell on Thursday, with the stock now some 22% below its January peak as a selloff in technology stocks spreads to the world’s biggest companies.
The slump has erased about $696 billion in Apple’s market value since the Jan. 3 record, a slump that enabled Saudi Aramco — which has benefited from this year’s surge in oil prices — to overtake the tech giant as the world’s most valuable company.
The widespread tech weakness has been spurred by concerns about inflation and rising interest rates. The Nasdaq 100 Index has slumped more than 7% over the past four days and on track for a sixth straight negative week, its longest losing streak since 2012.]
While the tech-heavy Nasdaq 100 has been under pressure all year, Apple’s decline has been relatively recent. The stock has fallen nearly 10% this week alone amid mounting concerns about an economic slowdown.
The stock is still outperforming the tech-heavy Nasdaq 100 index, which has lost nearly 30% of its value this year, compared with Apple’s year-to-date decline of about 19%.
MacDailyNews Take: Yes, yes, we’ll take sub-$140! Apple dividends are paid today and we’ll always reinvest at a deep discount!
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