Apple stock declined about 1.7% on Tuesday, with investors monitoring the iPhone 15 launch event.
The new iPhone model is expected to feature an updated camera, design, and charging function.
Over the last five days, Apple shares have dropped more than 6.3% amid regulatory moves in Europe and China.
Shares of Apple declined as much as 1.7% on Tuesday, with investors monitoring the hotly-anticipated iPhone 15 debut.
Over the last five days, the stock has fallen more than 6%. Year to date, it is up more than 41%. Apple finished Tuesday’s trading session at $176.30, down 1.71% on the day.
Apple’s flagship event, which kicks off at 1 p.m. ET in Cupertino, California, is expected to unveil the iPhone 15, which will see significant upgrades with changes to its camera technology and charging port. The event will also share updates on the Apple Watch and Airpods, among other announcements.
Despite the day’s hype, Apple has faced sizable headwinds over recent months, including slumping smartphone sales in the US.
And just last week, the European Commission named Apple a “gatekeeper”, signaling higher regulatory hurdles. Meanwhile, Beijing banned government employees from using iPhones, the Wall Street Journal reported.
Wall Street remains bullish on the technology sector at large. Goldman Sachs strategists highlighted in a note last week that the sector has dominated the stock market ever since Apple became the biggest company in the world about a decade ago.
“In this way the tech sector from a policy perspective may be different from others, such as banks, supermarkets or energy companies, where politicians often argue that the benefits (for example of higher interest rates for savers, or lower food and energy prices) are not being passed on to consumers,” the bank’s strategists said. “This does not make technology companies immune from regulation, but it is more likely to come from issues around privacy and use of data, or the impact on mental health, than on pricing.”
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