Consumers may be ecstatic about the series of new devices Apple announced today, but investors — they weren’t so enthused.
Apple’s stock closed at $613, down over three percent on the day.
While that’s not a significant number by itself, what’s notable is that the price didn’t increase — or even stay flat — despite all of the impressive new devices Apple showed off.
Another reason for the drop, however, might be a bit larger than just Apple. The Dow Jones industrial average plunged over 200 points today on weak earnings from major companies. The Nasdaq, where Apple is traded, dropped 16 points. Clearly, investors are a bit jittery.
There are also fears among investors that Apple might add to the series of tech sector earnings misses when it reports its numbers on Thursday. Big companies like IBM, Microsoft, and Google, for example, didn’t fare so well last quarter, and investors don’t appear to be confident that Apple will reverse the trend.