Apple dips on news of DoJ antitrust probe

News June 4, 2019 1 Comment

Apple dips on news of DoJ antitrust probe

Shares of Apple Inc were down nearly 3per cent in afternoon trading on Mon following a Reuters report that the U.S. Dept of Justice was given jurisdiction to include the iPhone maker as part of broader antitrust probe.

Stock has since pared loss, last down 1.0per cent at US$173.29.

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Regulatory risks have weighed on other members of the so called FAANG group of momentum stocks; Facebook Inc is down 6.9per cent, Amazon.com off 4.4per cent, Google parent Alphabet Inc sliding 6.4per cent.

The broader Nasdaq was last down 1.3per cent, with FAANGs weighing heaviest.

Communications services and tech sectors were the heaviest drag on the S&P 500, down 2.7per cent and 1.5per cent, respectively.

So far this year, AAPL has gained ~10per cent, slightly underperforming the IXIC’s ~11per cent advance.

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(Reporting by Stephen Culp)

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