Stock Market Today, April 7: Apple Falls After Reports of Foldable iPhone Engineering Challenges
Apple (NASDAQ:AAPL) closed Tuesday at $253.5, down 2.07%. Shares moved lower after reports of engineering challenges for a foldable iPhone and softer App Store growth. Investors will now be watching future updates on foldable hardware timing as well as momentum in its services segment.
Trading volume reached 61.1 million shares, coming in nearly 30% above its three-month average of 47.6 million shares. Apple IPO'd in 1980 and has grown 197,407% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) inched up 0.09% to close at 6,618, while the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.10% to finish at 22,018. Within consumer electronics, industry peers Microsoft (NASDAQ:MSFT) closed at $372.29 (-0.16%) and Alphabet (NASDAQ:GOOGL) ended at $305.46 (+1.82%) as investors weighed AI and hardware roadmaps.
What this means for investors
Apple shares dropped following a report from Tokyo-based Nikkei Asia about engineering issues with its foldable iPhone. However, the shares trimmed losses after Bloomberg reported that the device is still set to debut in September. Investors jumped to get ahead of any potential official announcements of shipment delays amid high expectations for a key premium phone offering.
Some analysts are also concerned that services growth could slow moving forward. That segment grew a strong 14% in fiscal Q1. Slowing momentum in that segment could negatively impact valuation multiples.
At the same time, other analysts remain bullish that there is still upside in the shares. Apple will report fiscal Q2 results on April 30, giving investors more to consider.
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Howard Smith has positions in Alphabet, Apple, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Apple, and Microsoft and is short shares of Apple. The Motley Fool has a disclosure policy.
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