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Apple Stock Falls After iPhone Maker Warns of Heavy Tariff Cost
That is how much tariffs will add to Apple's costs this quarter, assuming existing policies remain in place, said Chief Executive Tim Cook. He forecast the hit could worsen further ahead. Shares in the iPhone maker fell nearly 3% in premarket trading.
Apple stock sells off as Tim Cook projects $900 million tariff bite
Apple stock has lost part of its recent rally in which it advanced for eight straight sessions. Currently trading near $205 on Friday, the next support comes at $196, a point of resistance during 2024. The next layer of support comes at $180, which is just above the 61.8% Fibonacci level near $178.
Phone sales beat Wall Street’s expectations but Apple’s vagueness around tariff impacts didn’t sit well with investors.
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