Apple is set to miss out on the Nasdaq’s relief rally after iPhone ‘saturation’ fears hammer suppliers

December 5, 2018

Apple’s stock woes look set to continue after the iPhone maker’s suppliers tumbled on fears about “market saturation” and future demand.

The Cupertino, California-based company’s shares were down slightly in premarket after falling 4.4% on Tuesday — underperforming a particularly brutal 3.8% drop in the Nasdaq — and is also down in premarket New York trading. Apple is missing out on a minor relief rally amongst other so-called FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks.

Apple stock was hurt in part on Tuesday by a downgrade by HSBC, after it cited an overwhelming dependence on a single product.

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