Apple has lost some $370 billion in market value so far in 2024
Shares of Apple are down nearly 5% to start 2024, erasing roughly $370 billion in market value, as concerns about China and iPhone sales fester.
The so-called Magnificent Seven, which includes Apple Inc., Amazon.com Inc., Alphabet Inc., Microsoft Corp., Meta Platforms Inc., Tesla Inc. and Nvidia Corp., have slipped for last four consecutive trading days, the longest losing streak in a month, according to the Bloomberg Magnificent 7 Price Return Index. Shares of Apple, down nearly 5% in the time period, lead the slump that’s erased roughly $370 billion in market value. The Nasdaq 100 Index has also fallen in the last four trading days.
A few members of the group have also seen specific stock pressure early this year. Apple shares have been weighed down after gaining a new bear; Barclays Plc analysts early this week downgraded shares of the tech giant to underweight, saying they expect soft demand for iPhones going forward.
To be sure, it is likely too early to say the tech-focused rally is over. Most of 2023’s gains recouped losses from a year earlier, and some of the group – Amazon, Alphabet, Meta and Tesla – are still below their all-time highs, signaling they could have room to run.
But, the largest tech names also have their work cut out for them in 2024.
MacDailyNews Note: Apple’s market value is currently down to $2.868 trillion.
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