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Bloomberg
Apple Inc shares fall, closing below their 200-day moving average for the first time since June, after the iPhone maker’s supplier Foxconn halted operations at its Shenzhen sites following a government-imposed lockdown.
Shares dropped as much as 2.7%, ending at their lowest since November. The decline erased more than $67 billion off Apple’s market capitalisation, putting it under $2.5 trillion. With the day’s move, the stock is down 17% off a peak hit in early January.
Analysts currently see a limited impact from the halted production. Shares of Apple have fallen for five straight weeks, their longest such streak since May. The decline has been part of the broad-based weakness seen in tech stocks in 2022, amid concerns over slowing growth and higher rates from the Federal Reserve. Russia’s invasion of Ukraine, which caused commodity prices to jump and heightened worries about inflation, has also weighed on the group.