Apple Inc. just suffered its worst week since last February and is down again Monday. What can reverse this trend? If history is any guide, look for a weaker dollar.
The tech giant hit a $3 trillion market capitalization on Jan. 3. Since then, the stock has lost 13%, while the S&P 500 has lost 11% with mega-cap tech shares taking a beating. The correlation isn’t new. Each time Apple’s market value has hit a trillion-dollar milestone, the broad market gauge has entered a technical correction. And a dollar slump has been the key to turning it around.