Apple Slumps on Weak China iPhone Sales; Cathie Wood Dumps Coinbase Stock
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Dow Jones futures fell Tuesday as Apple stock dropped on a report of slowing iPhone sales in China. Cathie Wood sold nearly $31 million in Coinbase stock.
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Apple stock lost 2.2% on a report that iPhone sales in China fell 24% in the first 6 weeks of 2023 vs a year earlier.
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Cathie Wood's Ark Invest funds sold about 135,000 shares of Coinbase, worth around $30.9 million. Coinbase jumped 11% to new highs Monday.
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The stock market rally showed signs of weakness Monday, with the Dow losing 0.3% and the Nasdaq falling 0.4%. Major indexes edged lower Tuesday morning.
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Key stocks moving on earnings included First Watch Restaurant, GitLab, Nio and Target. First Watch and Target gained premarket while GitLab and Nio declined.