HomeTechnologyApple Stock in Correction Following August Slump

Apple Stock in Correction Following August Slump

Apple finds itself in correction—whereby a stock declines by at least 10% from its peak—following what has been a chaotic month of August. Since the start of the month, the tech company’s stock has slumped by 10.8% to $175.07; outpacing the 4.8% fall of the benchmark S&P 500 index.

Wall Street experts have identified several factors that have caused Apple’s stock to crumble. At the forefront is economic pressure out of China, where fears of a flailing property sector and a stagnant Chinese government that has been slow to provide economic stimulus are further fueling a gloomy economic outlook.

China is a key market for Apple, with its sales in the country rising by 8% over the most recent quarter to $15.76 billion. Sales of Apple iPhones in China rose by double digits as consumers moved to upgrade their smartphones. While Greater China provided Apple with $67.2 billion in sales in the fiscal year that ended Sept. 24, 2023, CEO Tim Cook warned that momentum might be lost due to the current Chinese economic climate.

“We continued to face an uneven macroeconomic environment,” Cook warned during an earnings call with investors.

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