Apple Is No Longer World’s Most Valuable Company

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Saudi Aramco, with a market cap close to $2.383 trillion, has overtaken the iPhone maker in market value

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Apple is a staple investment for both individual and institutional investors, given its general ability to weather market storms. But investors seemed to be reassessing their love affair with the iPhone maker. On Thursday morning, the company was the fourth-worst performer in the Dow Jones Industrial Average, and the most active stock in the S&P 500 and the Nasdaq-100, according to Dow Jones Market Data.

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In early January, when the pandemic surge in technology stocks was still in full force, Apple’s stock briefly soared to about $3 trillion in market value intraday. Now, higher interest rates are making tech stocks less attractive. Apple’s stock is down roughly 20% for the year, and down 10% so far this month. It continued falling Thursday, losing 3% in midday trading.

“For those readers who remember 2000-2002, you’ve seen this movie before. If you weren’t investing back then, just know today’s slide in Apple is part of a larger trend of investor risk aversion, not ‘the market getting it wrong,'” wrote Nicholas Colas, co-founder of DataTrek Research, in a note . Mr. Colas said Apple’s recent slide is the reason why he remains cautious on stocks.

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Write to Hardika Singh at [email protected]

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Credit: www.Businesshala.com /

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