A steady slide in Apple shares pushed the iPhone maker’s market value below $2 trillion, the latest casualty in the tech stock rout.
Apple fell as much by over 4% in the latest session as concerns about iPhone supply in the important Christmas quarter mount and investors lose faith in a reprieve from higher interest rates.
The slump sent Apple’s market value to $1.98tn, ending its reign as the last company to sport a $2tn (€1.89tn) valuation after Microsoft and oil giant Saudi Aramco retreated in 2022.
The milestone marks a fall from grace for Apple. The stock spent much of the past year outperforming the S&P 500 Index but has stumbled in recent weeks.
Exactly a year ago, Apple’s shares briefly rallied to climb above tn in market value as the S&P 500 hit a record high.
The four largest US technology companies have lost more than $3tn in market value in 2022 amid soaring inflation and slowing sales growth that surged during the Covid-19 pandemic.
December was Apple’s worst month since May 2019 with a decline of 12%, which exceeds the 9% decline for the tech-heavy Nasdaq 100 Stock Index in the same period.
Apple is expected to deliver its latest quarterly earnings report in the coming weeks. The quarter that runs through December is its biggest sales period of the year, and analysts had initially projected record-setting revenue.
Now they’re predicting a slight decline to $122.9bn, according to estimates compiled by Bloomberg.
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