Apple shares boom in US stock market, market cap reaches below 3 trillion

Apple Share Price: Apple's stock in the US stock market saw a 5 percent decline in Friday's trading session due to a decline in sales in the quarterly results. Apple's stock opened at $185.52 and closed at $181.99. Due to this decline, the market cap of the company has come down to 2.86 trillion.

Aug 5, 2023 - 10:32
Apple shares boom in US stock market, market cap reaches below 3 trillion

Technology company Apple's stock has seen a decline of 5 percent. Due to this, the market cap of Apple has also reduced to below 3 trillion. This fall in the US stock market on Friday's trading session is the biggest fall in the company's stock so far in 2023.
Shares of the iPhone maker opened at $185.52 and closed at $181.99 during the August 4 trading session. At present, Apple's market share has increased to $ 2.86 trillion. In July, tech company Apple became the first company in the US stock market with a market of 3 trillion.
Earlier, quarterly results were presented by Apple on Thursday. The company's profit has increased by 2.3 percent to $ 19.9 billion. The company's results were in line with the estimates, but the stock declined. In the quarterly results, the company's sales fell 1.4 percent to $ 81.8 billion. However, the company's earnings rose 5 percent to $1.26 per share.
The US stock market declined on Friday. This decline is due to mixed data from the US job market. The S&P 500 fell 23.86 points, or 0.50 percent, to 4,478.03. At the same time, the Dow Jones closed at 35,065.62, down 150.27 points, or 0.4 percent.
After increasing the interest rates by the US Fed, the sequence of decline in the stock market is being seen. Its effect was also seen in Apple's stock.

Muskan Kumawat Journalist & Writer