Why the Shine Was Off Apple Stock Today
Apple (NASDAQ: AAPL) wouldn't have become the tech industry megalith it is today without widespread investor love for its stock. That affection was barely visible on Thursday, however, as the company's shares tumbled by almost 4%, against the 2.4% slide of the S&P 500 index. A disquieting analysis of monthly sales and an apparently stalling effort at gaining support for domestic chipmaking were the main culprits behind this.
In a new note to clients, Brandon Nispel, an analyst at KeyCorp's (NYSE: KEY) KeyBanc, revealed that payment card data from customers of the bank showed that spending on Apple products declined notably in May. On a month-over-month basis, this fall was 8%, quite a contrast to the three-year monthly average increase of 6%.
Nispel added that the drop was the weakest May showing, even taking into account the pre-pandemic era. In Nispel's estimation, this indicates weakening demand for Apple goods throughout the U.S.
Source Fool.com
