Apple CEO Tim Cook speaks at an Apple special event at Apple Park in Cupertino, California on September 7, 2022. – Apple is expected to unveil the new iPhone 14 (Photo by Brittany Hosea- Small / AFP) (Photo by BRITTANY HOSEA- SMALL / AFP via Getty Images)
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Tech stocks have been pushed down throughout the year as investors pivoted away from growth and flocked to more defensive assets to deal with higher interest rates and a possible recession. out.
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The tech-heavy Nasdaq Composite was up on Tuesday and Wednesday, but buying followed worst two weeks since the Covid pandemic began. Now the downtrend is back, with the Nasdaq falling 2.8%, which is good for the index’s biggest drop since September 13. The broader S&P 500 index was down 2.1%.
Apple Shares fell nearly 5% on Thursday as Bank of America analysts led by Wamsi Mohan changed their rating to neutral from buy, different from the long position held by the majority of analysts. analysis polled by FactSet. Analysts have pointed to a number of risks, including weaker buying cycle Related to iPhone 14″ that Apple released this month. One day before, one report Apple has scrapped plans to increase iPhone production to 6 million units in the second half of the year.
Apple stock is now worth 20% less than it was at the end of 2021, while Nasdaq is down 31% year-over-year.
Among the technology companies with the largest market valuations, Microsoft most protected. It ended Thursday’s trading session down about 1.5%. But it’s still a 52-week low for Microsoft stock. Google’s Parents Alphabet also hit a 52-week low, down 2.6%. Shares of Meta . Platform slip 3.7%, Amazon down 2.7% and Tesla down 6.8%.
Smaller growth-oriented tech companies also had a bad day, including Coinbasedown nearly 8% after Wells Fargo starts insurance with lightweight ratings are Shopify (-8.45%), Rivian (-7.9%) and Roblox (-7%).