'Oh, when a giant company falls, it pulls down all the indexes.'
Technology-themed shares appear to be once again a factor in the decline of Wall Street indices with Apple Inc recording its lowest performance since June 2021.
During yesterday's trading session Apple shares were down 1.4% at $130.
For 3 consecutive sessions the iPhone maker's stock has hovered in negative territory even though its overall 2022 performance is only down 27% compared to the Nasdaq 100 index's average drop of 34%.
A key factor in the current performance can be attributed to investor concerns over supply issues, as Apple reported that its main factory in China would stop production.
Earlier, JPMorgan reported that Apple's supply was 'slowly increasing in line with demand' which is far different from the company's performance in previous years.
The streak also saw the company unabashedly lower its forecast for its earnings report in the December quarter, with JPMorgan analyst Samik Chatterjee underlining delivery problems.
In the meantime, technology stocks seem to continue to be the main contributors to the stock market's decline, with December's performance being the worst since the dotcom era.
Of course, the hawkish stance of the Federal Reserve (Fed) and the surge in the cost of living are putting pressure on technology-themed stocks as global problems continue.
