Shares of Apple Inc. dropped 2.8% in midday trading Wednesday, to put them on track for a fourth-straight decline and the lowest close in 18 months. The technology behemoth’s stock was the worst performer in the Dow Jones Industrial Average on the day, as the Dow slumped 288 points, or 0.9%. Apple’s stock has lost 6.7% during its four-day losing streak. It has shed 14.6% in December, to put it on track for the worst monthly performance since it tumbled 18.4% in November 2018, amid concerns over the macroeconomic backdrop and production challenges in China as COVID cases surge. Apple generated $74.20 billion in revenue from China in fiscal 2022, representing 18.8% of total revenue. With a year-to-date selloff of 28.8%, the stock is headed for the biggest yearly drop since it plunged 56.9% in 2008, during the financial crisis.
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