Apple's iPhone 16 Launch: Stock Dips Amid Record Trading Frenzy

Word on the StreetTuesday, Sep 24, 2024 9:00 am ET

1min read

Apple's recent product launch event on September 10th introduced the iPhone 16 series along with other new offerings like the Apple Watch Series 10, and AirPods updates. Despite the anticipation surrounding these releases, Apple's stock did not experience significant gains during its launch.

On the day of the iPhone 16's release, Apple's stock opened at $229.97, saw a peak of $233.09, but eventually closed at $228.20, reflecting a decline of 0.29% from the previous day's closing price. This slight downturn resulted in a $101 billion decrease in Apple's market capitalization.

While the stock didn't soar, the trading volume for Apple shares hit a notable high of 3.18 billion shares, marking a substantial increase compared to usual activity. This spike in volume has sparked speculation among analysts about potential movements by major shareholders.

Despite the lukewarm stock performance, consumer interest in Apple's latest offerings remains robust, with substantial preorder numbers and discussions across various platforms about the iPhone 16's features, including its advanced AI capabilities.

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