Shares of Apple Inc.
AAPL,
dropped 3.8% to pace the Dow Jones Industrial Average’s
DJIA,
premarket losers, after Bloomberg reported overnight that an expected surge in demand for new iPhones have failed to materialize. The report said Apple is dropping plans to boost production as a result. Apple’s stock is on track to open at a 2 1/2-month low. The implied premarket price decline would shave about 38 points off the Dow’s price, while Dow futures
YM00,
fell 76 points, or 0.3%. Separately, Apple’s stock’s 50-day moving average is set to cross above the 200-day moving average on Wednesday, a bullish pattern known as a “golden cross.” It would be the first time the 50-DMA was above the 200-DMA since June 2, and the first “golden cross” since May 7, 2019.