Apple Stock Hits Fresh YTD Lows to Punish Late Buyers
Apple (AAPL:US) stock slipped nearly 1.4% on Tuesday after hitting $128.72 - the new 2022 low for the Cupertino-based tech behemoth.
Based on Tuesday’s closing price, Apple shares are now trading nearly 30.75% lower year-to-date (YTD) as tech stocks continue to fall in the final week of 2022. Tuesday’s low also marks the lowest Apple stock traded since June 2021.
A weekly close below the prior YTD low of around $129 a share would invite more selling pressure. The zone around $125 offers the next level of support in case $130 gives in.
Some Representatives have been using ongoing weakness in AAPL stock to add to their positions. Senator Dan Sullivan disclosed last week that he invested in Apple on November 22, when shares closed at $150.18, meaning his position is already underwater by more than 15%.
Congress members, namely Rep. Ed Perlmutter, Rob Wittman, Dan Crenshaw, Josh Gottheimer, and Earl Blumenauer, were also on a buying Apple stock track in November and October. On the other hand, Congressman Ro Khanna was selling Apple stock in the final quarter of 2022, including the $100,000 - $250,000 worth sale on November 03, when shares closed at $138.88.
Apple shares falling was considered to be the last shoe to drop in the bear market. AAPL stock performed relatively well up until August before dropping over 25% in 4 months to trade below the $130 handle for the first time in 18 months.
The 2022 year will also mark the first negative returns for Apple shareholders since 2018.
