- Apple (NASDAQ:AAPL) is falling alongside other tech stocks today.
- This comes as Morgan Stanley reveals concerns about App Store growth.
- An economic warning from Elon Musk is also pulling the market down.
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Apple (NASDAQ:AAPL) stock isn’t doing so hot on Friday as the tech giant deals with a warning about its upcoming earnings report.
Morgan Stanley is behind this as the firm believes poor growth on the App Store could have a negative effect on the company’s next earnings report. Analyst Katy Huberty says that this could make it difficult for the company to meet Morgan Stanley’s 15% net revenue growth estimate for its June quarter.
It’s not just this warning from Morgan Stanley that has AAPL stock falling today. We’re also seeing a wider retreat across tech stocks today. This comes after Tesla (NASDAQ:TSLA) founder and CEO Elon Musk warned of economic trouble on the horizon.
This comes from an email Musk sent to executives at Tesla. He told them to stop worldwide hiring while also revealing plans to reduce TSLA’s workforce by 10%. He also states he has a “super bad feeling” about the economy.
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While AAPL stock is falling today, it’s worth noting that trading is below normal levels. As of this writing, more than 55 million shares have changed hands. That’s well below its daily average trading volume of 98 million shares.
AAPL stock is down 4% as of Friday afternoon and is down 20.2% since the start of the year.
There’s more stock market news for traders to look into below!
We’ve got all the hottest stock market with our daily coverage of the space! Among that is what’s happening with shares of Mullen (NASDAQ:MULN), Lucid Motors (NASDAQ:LCID), and TSLA. You can read all about this news at the links below!
More Stock Market News for Friday
- Mullen (MULN) Stock Shakes Off EV Woes on CEO Interview
- Why Is Lucid Motors (LCID) Stock Down Today?
- Cowen Just Cut Its Target on TSLA Stock Because Investors Have Elon Musk ‘Fatigue’
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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