Apple Slump Drags on Tech

Dow Jones07-31 22:29

U.S. tech stocks are slipping along with Apple, with the iPhone maker selling off after its latest forecasts disappointed investors.

Apple was recently down about $372.7 billion in market capitalization, on pace for its largest one-day market-cap decline on record and the third-largest of any U.S. company.

The drop comes at the end of a turbulent week in which artificial-intelligence concerns, the Iran war, the Federal Reserve and losses at a highflying AI-focused hedge fund whipsawed markets.

Friday began with gains, boosted by relief after the firm Situational Awareness sold the bulk of its holdings, according to some investors. The sale removes the prospect of forced selling by the firm, giving investors more confidence to wade back into AI-related stocks, they said.

The Nasdaq fell 0.3%, though Amazon climbed over 13% after the company reported accelerating cloud-computing sales. That pales in comparison with the 18% jump for South Korea's Kospi, which had plunged in recent weeks after rapid gains earlier this year fueled by a frenzy in AI-related stocks.

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