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Apple is set to miss out on the Nasdaq's relief rally after iPhone 'saturation' fears hammer suppliers

Apple is set to miss out on the Nasdaq's relief rally after iPhone 'saturation' fears hammer suppliers




Apple is missing out on minor relief rally in US futures, while other "FAANG" stocks are rising in premarket trading.




Apple and its suppliers underperformed the broader plunge in markets in the US and Asia. Some suppliers have slashed their targets, citing weaker conditions.




The iPhone maker closed down 4.4% Tuesday, hurt in part by an HSBC downgrade that cited "market saturation."



Apple's stock woes look set to continue after the iPhone maker's suppliers tumbled on fears about "market saturation" and future demand.
The Cupertino, California-based company's shares were down slightly in premarket after falling 4.4% on Tuesday — underperforming a particularly brutal 3.8% drop in the Nasdaq — and is also down in premarket New York trading. Apple is missing out on a minor relief rally amongst other so-called FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks.
Apple stock was hurt in part on Tuesday by a downgrade by HSBC, after it cited an overwhelming dependence on a single product.
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