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Apple Ends Below Key Level After Foxconn Closes China Plant

  • Issue is latest risk for Apple, though analysts see low impact
  • Shares in the iPhone maker have dropped 17% from a recent peak
Apple iPhone 13 Pro Max smartphones

Apple iPhone 13 Pro Max smartphones

Photographer: Jeenah Moon/Bloomberg
Updated on

Apple Inc. shares fell on Monday, closing below their 200-day moving average for the first time since June, after the iPhone maker’s supplier Foxconn halted operations at its Shenzhen sites following a government-imposed lockdown. 

Shares dropped 2.7%, ending at their lowest since November. The decline erased more than $67 billion off Apple’s market capitalization, putting it under $2.5 trillion. With the day’s move, the stock is down 17% off a peak hit in early January.