(Central News Agency reporter Yin Junjie, New York, 28th) Apple’s stock price fell more than 3% today, closing at an 18-month low, and its market value of US$2 trillion may not be guaranteed. Affected by the rising COVID-19 epidemic in China, iPhone production has lost support for Apple’s stock price, which has fallen into its worst annual performance in 14 years.
The decline in U.S. stocks intensified in midday trading, and Apple’s (Apple) stock price fell 3.07% to close at $126.04, a new low since June last year. The Dow Jones Industrial Average fell 365.85 points, or 1.1%, to close at 32,875.71 points. Apple’s share price was the last among the 30 constituent stocks.
Apple’s stock price has been weak since the middle of the month, closing 9 times in the past 10 trading days. Recently, it has fallen into a 4-game black streak, and it has retraced nearly 7% during this period.
Apple has the title of the nation’s market capitalization champion. At the beginning of the year, when its stock price reached its peak, it was close to $3 trillion. Now it is caught in a battle to defend $2 trillion.
Apple’s financial status is sound, with plenty of cash, and the iPhone-centric ecosystem brings a steady stream of service revenue, and it has long been regarded as a blue-chip stock. This year, U.S. stocks have retreated sharply due to the Federal Reserve’s (Fed) aggressively raising interest rates to fight inflation. Facebook (Facebook) parent company Meta and other technology stocks have been hit hard, and Apple’s stock price has performed relatively well.
However, the global economic outlook is uncertain, and iPhone buying will inevitably be affected. Coupled with the rapid deterioration of the COVID-19 (Coronavirus Disease 2019) epidemic prevention restrictions in China, which has affected the production of Apple products, investors are worried regarding the results of the peak consumption season at the end of the year.
Since December, Apple’s stock price has fallen by more than 14.8%, heading for the worst monthly performance since the 18.4% plunge in November 2018.
But compared with Tesla, an electric car maker that also relies heavily on China for production, Apple’s recent share price performance has not been too bad. Tesla’s Shanghai plant has cut production due to the COVID-19 outbreak, and CEO Elon Musk has been distracted following taking control of social media Twitter (Twitter). Tesla’s stock price has retreated by more than 42% since December Rewrite the worst single-month performance since listing.
However, Apple’s stock price fell below a key support level of regarding $130 following several tests, and some analysts expect the stock to remain under pressure in the short term.
Under the support of ultra-low interest rates following the COVID-19 pandemic, Apple’s stock price has risen along with the U.S. stock market. It closed at an all-time high of $182.01 on January 3 this year, and then fell due to the Federal Reserve’s active tightening of monetary policy. Since the beginning of the year, it has retreated 29 %, almost certainly marking the worst annual performance since the 56.9 percent plunge during the 2008 financial tsunami. (Editor: Wei Shu) 1111229