Apple Shares Hit Lowest Since June 2021

Amid an ongoing selloff of big-tech stocks amplified by concerns over iPhone supply in the key holiday period, the stock fell 1.4 per cent in its third straight negative session, reported Bloomberg

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Apple Inc. shares closed at their lowest level since June 2021 on Tuesday, reported Bloomberg.

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Amid an ongoing selloff of big-tech stocks amplified by concerns over iPhone supply in the key holiday period, the stock fell 1.4 per cent in its third straight negative session. While Apple remains a modest outperformer for 2022, with a 27 per cent decline that is narrower than the 34 per cent drop of the Nasdaq 100 Index, it has lagged the tech-heavy gauge over the past month, the report quoted.

Recently, production was halted in a major iPhone plant in China contributing to a supply shortfall of Apple's flagship product. Earlier on Tuesday, "JPMorgan wrote that iPhone supply is improving and inching slowly towards parity with demand, although it added that Apple is typically much further along in reaching parity between iPhone demand and supply, at this time in the year," it added.

"The group is facing its worst December performance since the dotcom era as investors expect the Federal Reserve will retain a hawkish stance as it grapples with inflation," said the report.