Apple slides to seven-week low on broker concerns

The news: Apple stocks fell to a seven-week low after Barclays analysts forecast weaker demand for the tech giant's products in 2024 and downgraded its shares.

The numbers: Apple stock was lower by more than 3% to $US185.32 in late Tuesday trading on the technology-based Nasdaq index. Apple has fetched as much as $199.62 in the past 52 weeks. The market giant's flagging performance overnight contributed to a weaker overall Nasdaq.

The context: Barclays downgraded Apple from neutral to underweight, according to Reuters, owing to concerns about muted consumer appetite for its forthcoming products. Barclays analyst Tim Long in a client note claimed the iPhone 16 would not fare much better than its predecessor. "The iPhone 15 has been lacklustre and we believe iPhone 16 should be the same," he said. Long also wrote that Apple was experiencing weaker demand in China and equally subdued demand in developed markets.