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Uncertainty and instability surrounding the Iran war have been weighing heavily on sentiments, and the S&P 500 Index ($SPX) has closed in the red for three consecutive weeks. While the world’s most popular index is down just over 2% for the year, the pain has been particularly severe in tech names, which are also reeling from fears of a possible artificial intelligence (AI) bubble.
Meanwhile, Apple (AAPL), which largely held its ground last month amid the tech and software selloff, has also looked under pressure. The stock is down 7% for the year and is in correction territory after plunging over 12% from its recent highs. In my previous article, I had noted that AAPL was a hedge against the tech selloff, as usually the iPhone maker tends to outperform its “Magnificent 7” peers in periods of economic turmoil.
