Apple Inc.'s recent decision to halt its iPhone hardware subscription service has sent ripples through the market, contributing to a decline in its stock price. The service, which was expected to generate new revenue streams, faced regulatory hurdles and software issues, leading to its discontinuation. This development has dampened investor sentiment, especially as Apple navigates a challenging market environment. The Federal Reserve's recent quarter-point interest rate cut has also added to the uncertainty, with major indices experiencing declines and large-cap tech stocks like Apple feeling the pressure.
The Direxion Daily AAPL Bull 1.5X Shares (AAPU) ETF reflected this sentiment, dropping 4.60% to $37.31 as of 4:40 PM on Wednesday, December 18.