This follows a report that the tech giant was dropping its plans to boost production of the latest model of its flagship iPhone.
Shares of the world's most valuable public company fell to $145.89 and were on track to open at a two-month low. "Weaker consumer demand is to be expected when utility bills are going up, interest rates are going up, mortgage costs are going higher, discretionary spending is going to be curtailed by that," said Patrick Armstrong, chief investment officer at Plurimi Wealth in London.
The rate-sensitive growth stocks have taken a beating this year on the US Federal Reserve's rapid pace of interest rate hikes.
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