{"id":60224,"date":"2023-09-12T22:37:40","date_gmt":"2023-09-13T02:37:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/sp-500s-tech-stocks-slump-with-apple-event-failing-to-provide-boost-to-the-sector\/"},"modified":"2023-09-12T22:37:42","modified_gmt":"2023-09-13T02:37:42","slug":"sp-500s-tech-stocks-slump-with-apple-event-failing-to-provide-boost-to-the-sector","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60224","title":{"rendered":"S&#038;P 500\u2019s tech stocks slump, with Apple event failing to provide boost to the sector"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002495581\" role=\"document\">\n<p>The S&amp;P 500\u2019s information technology sector wasn\u2019t getting any help from Apple Inc. on Tuesday afternoon, after the tech giant\u2019s highly-anticipated marketing event.<\/p>\n<p>Tech was the S&amp;P 500\u2019s worst-performing sector in afternoon trading, with losses of around 1.7% as Apple shares slumped, according to FactSet data, at last check. The company\u2019s event kicked off at 1 p.m. Eastern Time, with investors watching for details of its new iPhone 15.<\/p>\n<div class=\"paywall\">\n<p>\u201cWhile the Apple iPhone has been a revolutionary product for the world and even more so for the company, a new version being announced is not exactly a make-or-break moment for the stock,\u201d said Bespoke Investment Group, in a note Tuesday. \u201cPrevious announcements have coincided with plenty of highs, lows, and everything in between for the stock.\u201d<\/p>\n<p>Still, overall, Apple has been \u201ca monster during the iPhone era,\u201d said Bespoke, which looked at the history of its stock-price movements after new releases of the phone dating back to 2007.<\/p>\n<p>Apple, with a massive market value of around $2.8 trillion, is among the group of so-called Big Tech stocks that carry a collectively large weight in the S&amp;P 500 index. Shares of Apple have surged more than 35% this year, far exceeding the S&amp;P 500\u2019s more than 16% climb year to date, FactSet data showed, at last check.\u00a0<\/p>\n<p>The S&amp;P 500\u2019s tech sector has jumped even higher so far in 2023.<\/p>\n<p>Shares of the Technology Select Sector SPDR Fund<br \/>\n        XLK<span>,<\/span><br \/>\n       which tracks an index of tech stocks in the S&amp;P 500, have soared more than 37% this year, according to FactSet data, at last check. On Tuesday afternoon, the exchange-traded fund was trading slightly below its 50-day moving average as its shares fell 1.7%.<\/p>\n<p>Meanwhile, the Invesco QQQ Trust Series I<br \/>\n        QQQ<span>,<\/span><br \/>\n       which tracks the Nasdaq-100 index and whose biggest holding on Sept. 11 was Apple, was down 0.9% Tuesday afternoon, FactSet data show. That trimmed its year-to-date gains to around 40%.<\/p>\n<p>Shares of tech company Oracle Corp.<br \/>\n        ORCL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202180826\/composite\" class=\"negative\">-13.50%<\/bg-quote><br \/>\n       were weighing on the S&amp;P 500 with a steep drop of more than 14% in afternoon trading Tuesday, after its revenue outlook fell below Wall Street expectations.<\/p>\n<p>The S&amp;P 500 index<br \/>\n        SPX<br \/>\n       was down 0.6% on Tuesday afternoon after the Apple marketing event ended and investors braced for an inflation reading on Wednesday. Apple\u2019s shares<br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"negative\">-1.71%<\/bg-quote><br \/>\n       were trading sharply lower, with a 2.2% loss.<\/p>\n<p>The U.S. stock market was down Tuesday afternoon, with the tech-heavy Nasdaq Composite<br \/>\n        COMP<br \/>\n       shedding 1% while the Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       dipped less than 0.1%, according to FactSet data, at last check.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500s-tech-stocks-slump-with-apple-event-failing-to-provide-boost-to-the-sector-7817c5d8?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The S&amp;P 500\u2019s information technology sector wasn\u2019t getting any help from Apple Inc. on Tuesday afternoon, after the tech giant\u2019s highly-anticipated marketing event. Tech was the S&amp;P 500\u2019s worst-performing sector in afternoon trading, with losses of around 1.7% as Apple shares slumped, according to FactSet data, at last check. The company\u2019s event kicked off at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":58821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-60224","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P 500\u2019s tech stocks slump, with Apple event failing to provide boost to the sector | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The S&amp;P 500\u2019s information technology sector wasn\u2019t getting any help from Apple Inc. on Tuesday afternoon, after the tech giant\u2019s highly-anticipated\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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