Shulou(Shulou.com)11/24 Report--

Apple shares closed at their lowest level since June 2021 as investors worried about iPhone supply during key holidays exacerbated a sustained sell-off in big tech stocks as of Tuesday's close.

Apple shares of the iPhone 14 Pro closed down 1.4 percent Tuesday, falling for the third straight session. While Apple is still doing relatively well in 2022, down 27%, below the 34% decline of the tech-heavy Nasdaq 100, Apple shares have underperformed the Nasdaq 100 over the past month.

Apple shares hit new lows in more than a year Apple's recent weakness stems from Foxconn's production disruptions that have led to a shortage of supplies for its flagship iPhone 14 Pro line. JPMorgan reported Tuesday that iPhone supply is "improving and slowly moving toward parity with demand," but added that Apple typically "goes further toward balancing iPhone supply and demand" at this time of year. As a result of this issue, the company expects Apple's December quarter results to be relatively "moderate" relative to consensus expectations.

Tech stocks fell across the board Tuesday, with the Nasdaq 100 index down 1.5 percent. Tech stocks are facing their worst December performance since the dotcom bubble era as investors expect WAL to stay tough in the fight against inflation.

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