Why Apple Stock Is Sinking Today
Key Points
The broader market is moving lower today due to Iran war risks, and the trend is impacting Apple.
Apple stock is also moving lower in response to a new analyst note discussing performance estimates for the company's App Store.
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Apple (NASDAQ: AAPL) stock is moving lower in Tuesday's trading amid two main bearish catalysts. The company's share price was down 2.9% as of 2:35 p.m. ET. At the same point in the daily session, the S&P 500 was down 0.5%, and the Nasdaq Composite was down 0.7%. The stock had been down as much as 5.1% but has narrowed its losses.
The broader market is seeing bearish momentum today as investors react to war-related risks. Apple stock is also under pressure in response to a new analyst note.
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Iran war news is weighing on tech stocks
President Donald Trump recently said that the U.S. is poised to carry out devastating attacks on Iran if deals on a ceasefire and a reopening of the Strait of Hormuz aren't reached today. If agreements aren't reached, Trump has said that the U.S. military will be carrying out major strikes tonight. News also hit today that the U.S. has initiated strikes on Iran's Kharg Island -- a key location for oil production.
The war in Iran has already caused a dramatic increase for crude oil prices, and investors are worried that a protracted conflict could cause inflation to accelerate. If the rate of inflation picks up, the Federal Reserve could opt to raise interest rates -- which would be a bearish development for Apple and other tech stocks.
Apple stock sinks on UBS note
UBS recently published a report stating that its analysis is targeting a 7% year-over-year growth rate for Apple's App Store in the March-ended quarter. The investment firm said that growth coming in roughly flat in the U.S. market was a significant drag on overall App Store growth in the quarter. Meanwhile, UBS kept its target for growth for services revenue coming in at roughly 14.4% in the quarter.
UBS maintained a neutral rating on Apple stock and a one-year price target of $280 per share. While the price target still suggests potential upside of roughly 12%, some investors were looking for a more bullish forecast on App Store revenue and the overall outlook for the stock.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and is short shares of Apple. The Motley Fool has a disclosure policy.
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