Apple drops 22% from January peak as tech selloff continues

Apple drops 22% from January peak as tech selloff continues

Apple shares fell on Thursday, with the stock now about 22 per cent below its January peak as a selloff in technology stocks spreads from more speculative shares to the world’s biggest companies. The stock fell as much as 3.3 per cent to $141.66 and is trading at its lowest since October 14. The slump has erased about $696bn in Apple’s market value since the January 3 record, a slump that enabled Saudi Aramco – which has benefited from this year’s surge in oil prices – to overtake the tech giant as the world’s most valuable company. The widespread tech weakness has been spurred by concerns about inflation and rising interest rates. The Nasdaq 100 Index has slumped more than 7 per cent over the past four days and on track for a sixth straight negative week, its longest losing streak since 2012. “Sentiment is very depressed, and uncertainty surrounding inflation is going to continue to complicate the picture,” said Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services. “Even though prices are getting cheaper, we need a spark to start moving us up, and I don’t see one.” While the tech-heavy Nasdaq 100 has been