Apple's (NASDAQ:AAPL) stock fell by more than 2% during trading hours on Monday, which dragged the broader market to lower levels as Apple warned about the economic outlook in 2022-23. Investors are worried that the economic outlook and softening demand are starting to weigh on bellwether stocks such as Apple, which have not been as affected as the broader stock market, and as a result, are increasingly turning cautious.
Apple's management has outlined plans to slow hiring and reduce spending across certain divisions well into 2023. Apple is planning to release a whole set of new products onto the market in 2022, including new iPhones, Apple watches, new Mac laptops and desktops, and a new Apple TV. Apple has also been spending a lot of R&D on projects such as the Apple iCar, which has fared poorly. But it has done better with investments in processing chips.
