The Clap
Apple (NASDAQ:AAPL) saw its stock fall more than 3% in Tuesday’s trading session, dropping its market cap to below $2 trillion for the first time since March 2021.
What
The company faced several obstacles during the holiday season. Covid restrictions on one of the company’s primary factories in China played a hand in delaying iPhone 14 Pro shipments.
In addition, increased interest rates and high inflation will turn investors’ attention away from Apple, with more people opting to avoid Apple’s premium products.
So What
In 2020, Apple managed to grow its market cap to $2 trillion and even briefly broke the $3 trillion barrier in January 2022.
Apple is now the latest big company to lose its $2 trillion market cap after Microsoft (NASDAQ:MSFT).
Now What
The past year saw Apple perform worse than the S&P 500, which fell around 18%. Apple ended yesterday’s session barely above its 52-week low.
