Apple Inc. faced a challenging trading day as its shares fell due to a mix of company-specific and broader market factors. The tech giant's decision to halt the development of its iPhone hardware subscription service, attributed to regulatory concerns and software issues, has disappointed investors who were hopeful for new revenue streams. This news, coupled with a high trading volume that exceeded the average by 18.48%, has contributed to the stock's decline. Additionally, the Federal Reserve's recent quarter-point interest rate cut has created a mixed market environment, further pressuring large-cap tech stocks like Apple.
The Direxion Daily AAPL Bear 1X Shares (AAPD) ETF, which inversely tracks Apple's performance, rose 2.36% to $15.59 as of 16:40 on Wednesday, December 18.