Apple stock fell $3.79 (-2.39%) on Friday to close at $154.73, posting the longest weekly losing streak since May 2021.
Apple is down 5% since last Friday, a fifth straight week of losses totaling 10%. Apple is also poised to close at the lowest level since November.
Tech stocks have come under pressure this year amid concern that growth will slow and the prospect of higher rates from the Federal Reserve. Russia’s invasion of Ukraine, which led to a spike in commodity prices and further underlined inflation risk, has also weighed on the group.
Apple remains a relative outperformer so far this year, though. Its 2022 loss of 13% is better than the Nasdaq 100’s 18% drop. Investors have gravitated toward it as something of a safe-haven, although that has not been enough to offset the macroeconomic factors that are expected to continue weighing on the sector.
Via: Bloomberg News
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