Apple (AAPL) shares were still trading Wednesday – but investors might wish they weren’t.
Shares of the gadget maker closed down $3.12, or 2.5% to $122.57 amid a volatile day on the market – continuing what’s been a brutal period for the stock. Shares have slid nearly 9% from their all-time high of $134.54 set on April 28.
Apple stock continues to suffer as investors worry about slowing profit growth in the second half of the year and reports of weak Apple Watch sales. The decline in the stock since the high has erased $69 billion in market value. It’s a big disappointment for investors who thought Apple was on its way to new highs and about to be the first company worth $1 trillion. Some even wonder if the stock has been “cursed.”
The weakness in Apple comes amid a bad day for the market – hammered by worries from Greek debt, the Chinese stock market meltdown and the halt of the New York Stock Exchange. Seeing the weakness in Apple is yet another problem for investors to face – as the stock has become a darling with individual investors. With its market value of $711 billion – the company is the most valuable and arguably most important stock on U.S. markets.
Shares of Apple are underperforming the Dow Jones industrial average, which closed down 1.5%.