Apple market challenge: Stock plunges 14%, now most oversold since 2018

In 2024, Apple Inc. grapples with a challenging market, marking a 14% decline from recent highs and a 12% drop for the year. Analysts note the stock's most oversold state in years, down 7.2% over six consecutive negative sessions, erasing over $200 billion in market cap. Jefferies LLC's Michael Toomey highlights the prolonged underperformance, emphasizing the unprecedented negativity surrounding Apple. Despite this, options traders exhibit minimal fear, maintaining optimism amidst broader technology stock positivity. Apple's resilience is tested amidst concerns over iPhone sales in China and a European Union fine.

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By Ryan Vlastelica

Apple Inc. has struggled in 2024, and the recent weakness has the stock looking like it is the most oversold in years, analysts said.

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