Consumer electronics giant Apple Inc. announces its latest financial results post-market Thursday amid various headwinds, including missed growth expectations, increased competition and increasing perceptions that it is not as innovative as it once was.
APPL stock rose 3% on Monday amid investor hopes that the Cupertino, Calif.-based company would build on the same artificial intelligence momentum that has recently swept Microsoft and other tech firms upward. But AAPL is down nearly 12% for the year.
This poor performance has been a drag on many tech-focused exchange-traded funds this year. For example, the Vanguard Information Technology ETF (VGT) started the week up a modest 4.4% year-to-date, which lagged the 7.3% gain on the SPDR S&P ETF Trust (SPY) .
Why Is AAPL Stock Down in 2024?
Apple, Inc. (AAPL) stock is down in 2024 for many reasons. Here's a breakdown of some potential factors that some analysts say are contributing to the stock price decline:
Tech ETFs With Highest AAPL Stock Exposure
|
Ticker |
Fund |
Expense Ratio |
AUM |
AAPL Allocation |
|
VGT |
Vanguard Information Technology ETF |
0.10% |
$62.6B |
21.5% |
|
XLK |
Technology Select Sector SPDR Fund |
0.09% |
$61.9B |
19.9% |
|
FTEC |
Fidelity MSCI Information Technology Index ETF |
0.08% |
$9.2B |
19.6% |
|
IXN |
iShares Global Tech ETF |
0.41% |
$4.2B |
18.1% |
|
IYW |
iShares U.S. Technology ETF |
0.40% |
$15.7B |
15.2% |
Data as of April 25, 2024. Leveraged ETFs were excluded from this list. See the full list of ETFs holding AAPL stock .
AAPL Stock Forecast 2024
Analysts' forecasts for AAPL stock in 2024 are mixed, but generally lean toward moderate growth, as Apple remains a valuable company with a strong brand and loyal customer base. Here's a breakdown of what analysts are saying:
While Apple's stock is down year-to-date in 2024, it's important to consider its long-term performance and remember that the overall stock market can be volatile in the short term as economic conditions fluctuate.
It's always wise to conduct your own research and consider your investment goals and risk tolerance before making investment decisions.
Permalink | © Copyright 2024 etf.com. All rights reserved