Apple Inc’s shares plunge to lowest levels since June 2021 amidst supply concerns

28 Dec 2022 , 12:50 PM

On Tuesday, Apple Inc. shares closed at their lowest level since June 2021, amid an ongoing selloff in big-tech stocks fueled by concerns about iPhone supply during the critical holiday season.

The stock fell 1.4% on its third straight down day. While Apple remains a modest outperformer for 2022, with a 27% drop that is less than the Nasdaq 100 Index’s 34% drop, it has lagged the tech-heavy indicator over the past month.

Recent weakness has occurred as a result of production halts at a major iPhone plant in China, which has contributed to a supply shortage of Apple’s flagship product.

On Tuesday, technology stocks fell broadly, with the Nasdaq 100 down 1.5%. The group is on track for its worst December performance since the dot-com era, as investors expect the Federal Reserve to maintain its hawkish stance in the face of inflation.

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