Apple stock has now officially entered a technical correction which is defined as a decline of at least 10% in a stock price or market from a peak. Apple shares are down about 11% from its July 31st high of $196.45.
Brian Sozzi for Yahoo Finance:
First and foremost is the increasing economic pressure in China that unfolded in August.
Fears on the health of over-leveraged property developers, a slow-to-act Chinese government on the yawning crisis, and a sagging stock market have clouded the outlook for Apple product demand.
Wall Street analysts currently expect sales in Greater China to increase nearly 16% in Apple’s new fiscal year on the back of brisk demand for the iPhone 15.
But CEO Tim Cook appeared to tamp down expectations on China by signing off on a cautious September quarter financial outlook when it reported results earlier this month.
MacDailyNews Take: Apple’s September quarter is likely to contain just a few days of iPhone 15 sales, if that.
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