Apple’s Slide Pushes Stock Out of $2 Trillion Club, According to Bloomberg

A steady decline in Apple Inc.’s shares has resulted in the company’s market value dropping below $2 trillion. This marks another significant event in the ongoing downturn of tech stocks.

On Tuesday, Apple’s stock fell by as much as 3.7% amid growing concerns regarding iPhone supply during the crucial holiday season. Investors appear increasingly doubtful about a potential pause in rising interest rates. This downturn has reduced Apple’s market capitalization to $1.99 trillion, making it the final company to reach the $2 trillion mark, following similar declines from Microsoft and the oil giant Saudi Aramco last year.

This milestone signifies a notable decline for Apple, which had been outperforming the market for much of the past year. However, recent concerns about production issues in China potentially impacting holiday sales have caused the stock to struggle.

Furthermore, reports earlier this week indicated that Apple has instructed several suppliers to reduce production of components for various products, including AirPods, Apple Watch, and MacBooks, in response to waning demand.

Just a year ago, Apple briefly experienced a surge, exceeding a market value of $3 trillion as the S&P 500 achieved a record high.