Apple stock slumps towards cheapest shut in 18 months, worst annually functionality because 2008

Shares of Apple Inc.
AAPL,
-1.39%
slumped 1.7% in afternoon trading, adequate to tempo the Dow Jones Industrial Average’s
DJIA,
+.11%
decliners, as they flirted with their initial sub-$130 near in 18 months. The inventory was headed for a new closing lower for the yr, underneath the past minimal of $130.06 on June 16, 2022, and the most affordable close considering that June 15, 2021. Weighing on the technological innovation behemoth’s stock have been fears of a COVID surge in China, the place a large amount of elements for Apple’s products are created, after China-centered electric powered automobile maker Nio Inc.
NIO,
-8.30%
 lowered its shipping and delivery outlook amid COVID-relevant manufacturing troubles. Apple’s inventory has tumbled 12.4% in December, putting it on keep track of for the weakest regular overall performance given that it shed 12.8% in Could 2019, and the initially December fall since 2018. It has also slumped 27.% in 2022, which would mark the worst yearly general performance because it plunged 56.9% in 2008 in the course of the fiscal disaster. The stock’s weak point this calendar year compares with the 33.8% drop in the Nasdaq Composite
COMP,
-1.38%
and the 8.5% dip in the Dow.