Apple Inc shares fell nearly 5% which pushed the tech giant's market value below the $3 trillion threshold. Apple’s Friday decline was its worst so far in 2023 even after delivering better-than-expected quarterly results. Because it’s the biggest stock on Wall Street by market value, Apple’s movements pack an extra punch on the S&P 500 and other indexes.
The iPhone maker opened at USD 185.52, and closed at 181.99 on August 4. At the close, Apple's market share was 2.86 lakh crore.
Amazon jumped 8.3% in its first trading after it reported a much bigger profit for the spring than expected. The company said growth for its important cloud-computing business stabilized during the quarter, and its revenue also topped analysts’ forecasts.
In July this year, Apple Inc. made Wall Street history as the first company with a market value of over $3 trillion.
Apple on Thursday reported 2.3% growth in profit at $19.9 billion for the fiscal third quarter as strong performance in the services segment offset a dip in iPhone sales.
Its sales declined 1.4% for the fiscal third quarter ended July 1 at $81.8 billion and earnings per share rose 5% to $1.26.
Wall Street falls again
Stocks fell Friday to close out a rare losing week for Wall Street following mixed reports on the U.S. job market and two of the market's most influential stocks.
The S&P 500 sank 23.86, or 0.5%, to 4,478.03. It was the fourth straight drop for Wall Street's main measure of health after it set a 16-month high at the start of the week.
The Dow Jones Industrial Average also drifted between gains and losses through the day before ending with a loss. It dropped 150.27 points, or 0.4%, to 35,065.62, and the Nasdaq composite gave up 50.48, or 0.4%, to 13,909.24.
This article taken by livemint.com
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