Apple Falls 2% on iPhone Demand Concerns

Apple (AAPL) shares slid 2.1% on Tuesday after a report from a supply-chain analyst pointed to weaker-than-expected orders for the upcoming iPhone 16. The analyst, Ming-Chi Kuo of TF International Securities, said in a note that orders from key suppliers had been cut by roughly 10% for the second half of the year, citing softer consumer demand in China. Apple did not immediately respond to a request for comment. The drop erased about $70 billion in market value and dragged the broader tech sector lower, with the Nasdaq 100 falling 0.8%. Kuo's note is the first major supply-chain signal ahead of Apple's September launch event. Investors will watch for confirmation from Apple's own guidance when it reports fiscal third-quarter earnings on Aug. 1.