: Apple stock slumps toward lowest close in 18 months, worst yearly performance since 2008

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Shares of Apple Inc. AAPL, -1.39% slumped 1.7% in afternoon trading, enough to pace the Dow Jones Industrial Average’s DJIA, +0.11% decliners, as they flirted with their first sub-$130 close in 18 months. The stock was headed for a new closing low for the year, below the previous low of $130.06 on June 16, 2022, and the lowest close since June 15, 2021. Weighing on the technology behemoth’s stock were fears of a COVID surge in China, where a lot of components for Apple’s products are made, after China-based electric vehicle maker Nio Inc. NIO, -8.30%  lowered its delivery outlook amid COVID-related production challenges. Apple’s stock has tumbled 12.4% in December, putting it on track for the weakest monthly performance since it shed 12.8% in May 2019, and the first December drop since 2018. It has also slumped 27.0% in 2022, which would mark the worst yearly performance since it plunged 56.9% in 2008 during the financial crisis. The stock’s weakness this year compares with the 33.8% drop in the Nasdaq Composite COMP, -1.38% and the 8.5% dip in the Dow.

This article was originally published by Marketwatch.com. Read the original article here.

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