Overview

• Apple's stock fell nearly 3.6% to a seven-week low after Barclays downgraded the shares due to concerns that demand for its devices 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.
• The downgrade stems from softening demand for the latest iPhone, as customers have less incentive to upgrade with limited new features.
• Barclays also warned risks were mounting for Apple's services business, which has come under scrutiny in countries including the United States over app store practices.
• The stock rout erased more than $100 billion of Apple's market capitalisation.