Apple hits seven-week low after Barclays downgrade on demand
Apple on Tuesday fell nearly 3.6% to a seven -week low after Barclays downgraded the shares of the world's most valuable company on concerns that demand for its devices from the iPhone to the Mac will remain weak in 2024. Barclays is the second brokerage to have the equivalent of a "sell" rating on the stock, which now has its most number of bearish recommendations in at least two years, according to LSEG data. The stock accounts for a hefty 7% of the S&P 500's market weight - the broader index was dragged 0.56%% lower on Tuesday. Apple rose nearly 50% in 2023, hitting a record high in mid-December in a year when Big Tech led the markets. Apple has been grappling with a demand slowdown since early last year and has forecast holiday-quarter sales below Wall Street estimates. Its performance in China has also been a worry after the revival of local rival Huawei. "The iPhone 15 has been lackluster and we believe iPhone 16 should be the same,...