Apple's stock falls through key chart levels toward an official correction
Shares of Apple Inc. slid 5.4% in morning trade, enough to pace the 29 of 30 Dow Jones Industrial Average's components that were losing ground, after the U.S. Supreme Court ruled that consumers can proceed with an antitrust lawsuit against the tech-behemoth's marketplace for iPhone apps. The stock was on track to close below its 200-day moving average (DMA), which many chart watchers view as a dividing line between longer-term uptrends and downtrends, for the first time since April 1. It is also headed for the first close below the 50-DMA, which is widely viewed as a short-term trend tracker, since Jan. 29. In addition, the stock has now lost 12% since closing at a 6-month high of $211.75 on May 3; many on Wall Street define an official correction as a decline of 10% to up to 20% from a significant, or bull-market peak. Over the same time, the Dow Jones Industrial Average has lost 4.5%.
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