Shares of Apple closed lower on Tuesday, the iPhone maker slipping after a four-day rally that put it within striking distance of a historic $3 trillion market value, a range that has proved elusive for weeks.
The stock fell 0.6% as investors rolled out big-tech names, closing at $179.29. Based on Apple’s outstanding shares, if the stock reaches $182.86 it would reach $3 trillion; It rose to $182.13 in intraday trading this month. If Apple reaches this milestone, it will be the first time a company has done so.
The feat will be a strong year for Apple, which grew 35% in 2021 and ended Tuesday’s session with $2.94 trillion worth. That’s also more than 200% since Covid first sent the world into lockdown early last year and underscored the centrality of technology to work, education, entertainment and staying connected.
The stock has been a favorite due to the global popularity of the company’s products, the ability of new offerings to sustain its steady sales growth, and its strong cash balance. Such tailwinds have helped investors see potential risks such as chip shortages and the ongoing pandemic, which prompted Apple to close its New York City retail stores. Other major Wall Street tech and Internet companies are also this year’s most notable outperformers.
Apple shares recently came under pressure after the Federal Reserve took a harder-than-expected stance, but investors later bid them back as they looked for equities viewed as high-quality, and that could offer growth. Boasts a long track record. Ahead of Tuesday’s session, Apple had risen for four straight trading days, ending Monday at record highs.
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