Apple’s stock is touching its lowest level since June 2021, with shares of the American technology giant continuing to be sold.
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An electronic screen displays the share price of “Apple” on the “NASDAQ” stock exchange in New York
reported agency “bloomberg”Today, Tuesday, Apple’s stock touched its lowest level since June 2021, with the US technology giant’s shares continuing to sell, due to concerns about the supply of iPhones during the main holiday period.
The stock fell by 1.4% at 03:45 pm (GMT), to continue its decline for the third consecutive session. The company’s stock is down 27% this year compared to 33% for the Nasdaq 100 index.
The recent weakness in the stock’s performance came as production halts at a major iPhone factory in China caused a supply shortage of the main Apple product. Because of this problem, the company expects the business results for this quarter to be weak compared to expectations.
Earlier today, JPMorgan wrote that the supply of iPhones is improving and moving slowly toward parity with demand, but added that the company has typically achieved parity faster this time of year.
Technology stocks were broadly lower, with the Nasdaq 100 down 0.8%.
The group is facing its worst December since the dot-com bubble, as investors expect the Federal Reserve to remain tight against inflation.
On August 13, the US Congress approved, in a final vote, a bill known as “Law of Reducing Inflation”It aims to reduce inflation and drug prices, combat climate change, and increase corporate taxes.
On December 14, the US Federal Reserve announced a hike interest rates for the seventh timeIn efforts to combat inflation.