Shares of Apple Inc.
AAPL,
slumped 0.7% toward a three-week low in morning trading Wednesday, putting them on track for a fifth-straight loss. That would be the longest losing streak of the technology behemoth’s stock since the six-session streak that ended Oct. 20, 2023. The current weakness comes as investors are faced with a federal ban of two of Apple’s most popular Apple Watch models for patent infringement. The stock has lost 2.7% during its current losing streak, as shaved $82.74 billion off its market capitalization, which now sits at $2.98 trillion. The stock has now shed 3.3% since closing at a record $198.11 on Dec. 14. It was still up 47.5% year to date, while the technology-heavy Nasdaq 100
NDX,
has run up 54.3% and the S&P 500
SPX,
has advanced 24.4%.
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