The S&P 500’s information technology sector wasn’t getting any help from Apple Inc. on Tuesday afternoon, after the tech giant’s highly-anticipated marketing event.
“While the Apple iPhone has been a revolutionary product for the world and even more so for the company, a new version being announced is not exactly a make-or-break moment for the stock,” said Bespoke Investment Group, in a note Tuesday. “Previous announcements have coincided with plenty of highs, lows, and everything in between for the stock.”
Apple, with a massive market value of around $2.8 trillion, is among the group of so-called Big Tech stocks that carry a collectively large weight in the S&P 500 index. Shares of Apple have surged more than 35% this year, far exceeding the S&P 500’s more than 16% climb year to date, FactSet data showed, at last check.
Shares of tech company Oracle Corp. ORCL, -13.59% were weighing on the S&P 500 with a steep drop of more than 14% in afternoon trading Tuesday, after its revenue outlook fell below Wall Street expectations.