The Dow fell around 600 points as Apple (AAPL) see their stock prices drop a fair amount. Shares of Apple dropped nearly 6% as of Thursday. This comes as the demand for Apple products, particular the IPhone, have dropped off as of recently. The stock which has preformed rather well in the few years even during COVID is now facing the challenges of demand that has lowered their recent sales. In addition to lower sales, investment bank BofA Securities took the stock from a buy to a neutral position.
For myself and i'm sure many others this comes as a shock. For years Apple has been a solid buy and is a relatively stable purchase. Apple had an event a few weeks ago which described the new or improved items they would be releasing in the coming year. Apple not only announced the release of the new IPhone 14, but a few other products as well. Items like the new Airpod Pros and the new Apple watch series 8 and SE edition were also announced as well. With these new products, it is surprising that Apple sales have been lower than expected. It will be interesting to see if Apple is able to rebound from this drop or if sales will continue to decline.