Apple Shares Drop After Downgrade on iPhone Sales Concerns
• Apple stock fell 3% on Tuesday after Barclays downgraded it to “underweight” over weak iPhone sales • The downgrade weighed down major stock indexes like the S&P 500 and Nasdaq • Apple shares surged 48% in 2022, helping power mega-cap tech stocks higher • Some expect the tech stock rally to lose steam in 2023 as interest rates fall and economy picks up • Investors may reallocate funds from big tech names like Apple into other sectors