Apple Shares Drop on iPhone Sales Concerns and Broader Tech Selloff
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Apple shares fell 3.6% on Tuesday after Barclays downgraded stock to "underweight" rating, citing weak iPhone sales.
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Downgrade stems from softening demand for latest iPhones as customers have less incentive to upgrade.
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News follows tough few weeks for Apple - temporarily pulled advanced Apple Watches off market in U.S. due to patent dispute.
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Slide in Apple shares dragged down broader market, with S&P 500 and Nasdaq falling 0.6% and 1.6% respectively.
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Some investors expect tech rally could slow in 2023 as cash rotates out of big tech into other sectors if economy reaccelerates.