Apple’s new services

On Monday, Apple (AAPL) unveiled its video streaming and news subscription services at a special event at the Steve Jobs Theater in Cupertino, California. Along with these two new services, Apple TV+ and Apple News+, the company announced game subscription services, Apple Arcade, and a credit card partnership with Goldman Sachs, Apple Card.

Apple Stock Continues to Fall after Service Bets Are Raised

Apple stock

Since Apple announced these new services, its stock has traded on a negative note. On Monday and Tuesday, the stock fell 1.2% and 1.0%, respectively. These losses have erased some of the gains Apple stock saw due to investors’ high expectations from the event. Apple stock was up 10.3% MTD (month-to-date) last Friday, but by yesterday, this MTD gain had fallen to 7.9%.

Nonetheless, Apple stock has outperformed key US indexes (QQQ) (SPY) this month. As of yesterday, the S&P 500, NASDAQ Composite, and Dow Jones Industrial Average had risen 0.7%, 0.7%, and 0.6% MTD, respectively. Meanwhile, tech companies Microsoft (MSFT), Alphabet (GOOG), NVIDIA (NVDA), and Qualcomm (QCOM) had risen 5.2%, 5.6%, 14.7%, and 8.6%, respectively, and Intel (INTC), Amazon (AMZN), Facebook (FB), and Netflix (NFLX) had risen 0.9%, 8.4%, 3.9%, and 0.5%.

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