- Apple Inc. shares fell 1.7% in premarket trading, tracking a wider decline in tech stocks.
- The drop follows renewed concerns over interest rate hikes and a stronger U.S. dollar.
- Analysts cite profit-taking ahead of next week's earnings report.
Apple Shares Slide Premarket
Apple Inc. (AAPL) shares slipped 1.7% in premarket trading on Thursday, mirroring a broader tech selloff as investors recalibrate expectations for Federal Reserve policy. The dip comes amid a strengthening U.S. dollar, which has historically weighed on multinational earnings.
"It's a risk-off environment today," said a market strategist. "Tech stocks are feeling the pinch from higher bond yields and currency headwinds."
According to people familiar with the matter, the move also reflects cautious positioning ahead of Apple's fiscal third-quarter earnings report, scheduled for next Thursday. Analysts expect revenue growth to slow from the prior quarter, with iPhone sales facing pressure from softer consumer demand in China.
The Cupertino, California-based company has been navigating a challenging macroeconomic landscape, including elevated inflation and supply chain disruptions. Despite these headwinds, Apple's Services segment has continued to show robust growth, with the App Store and iCloud contributing to recurring revenue streams.
"Apple remains a fortress among tech giants, but near-term headwinds are real," said an analyst at a major investment bank.
A spokesperson for Apple declined to comment on the premarket move. The company's stock had rallied nearly 20% year-to-date before today's pullback.
Correction: A previous version of this article misstated the percentage decline. The correct figure is 1.7%.