Shares of Apple Inc. AAPL slumped 1.7% in afternoon trading, enough to pace the Dow Jones Industrial Average’s DJIA decliners, as they flirted with their first sub-$130 close in 18 months. The stock was headed for a new closing low for the year, below the previous low of $130.06 on June 16, 2022, and the lowest close since June 15, 2021. Weighing on the technology behemoth’s stock were fears of a COVID surge in China, where a lot of components for Apple’s products are made, after China-based electric vehicle maker Nio Inc. NIO lowered its delivery outlook amid COVID-related production challenges. Apple’s stock has tumbled 12.4% in December, putting it on track for the weakest monthly performance since it shed 12.8% in May 2019, and the first December drop since 2018. It has also slumped 27.0% in 2022, which would mark the worst yearly performance since it plunged 56.9% in 2008 during the financial crisis. The stock’s weakness this year compares with the 33.8% drop in the Nasdaq Composite COMP and the 8.5% dip in the Dow.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
