The Fed’s persistent monetary policy tightening has led to the tech-heavy Nasdaq composite losing 32.6% year-to-date. The potential impact of rising borrowing costs on tech companies' financials has been making investors dump tech stocks this year.
Tech giant Apple Inc. (AAPL) has lost 18.5% over the past nine months to close the last trading session at $140.42. The company’s net income came in at $19.44 billion for the third quarter that ended June 25, 2022, down 10.6% year-over-year. Its EPS declined 7.7% year-over-year to $1.20.
