Apple turns sour as shares hit a 2022 low point
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Apple (NASDAQ:AAPL) had one of its worst days in recent memory, Wednesday, as the iPhone maker's shares fell more than 5% and hit their lowest point of the year in mid-day trading.
As trading progressed, Apple (AAPL) dropped to as low as $145.81 a share, which, in addition to being stock's year-to-date-low, was also its lowest point since touching $143.13 a share on Oct. 18, 2021.
Apple (AAPL) managed to crawl back from its low point for the year, but still ended the day down by 5.2%, at $146.50 a share.
Apple (AAPL) did little directly to grab the ire of investors. The company was caught up in an ongoing tech selloff that has seen the likes of bellwethers such as Microsoft (MSFT), Nvidia (NVDA) and Intel (INTC) and Qualcomm (QCOM) all take it on the chin due to uncertainty about the U.S. economy and rising inflation.
For its part, Apple (AAPL), which four months ago became the first company in history to reach a $3 trillion market cap, lost more ground to Saudi Aramco on the list of world's most-valuable companies list. On Tuesday, Aramco took the most-valuable title from Apple (AAPL), and by Wednesday Apple's (AAPL) market cap of $2.38 trillion was about $43 billion less than that of Aramco's.
On Tuesday, Apple (AAPL) marked the end of an era by discontinuing the iPod Touch, the last of its iPods, almost 21 years after Steve Jobs first introduced the digital music player that spurred Apple's (AAPL) turnaround that led it to become one of the most-valuable companies on Earth.