Decline in Technology Companies

Shares of technology companies witnessed a decline as tensions between the United States and China continued to escalate. The potential impact on Apple's sales became evident, causing concern among investors.

Huawei's Ultrafast Smartphone and Beijing's iPhone Ban

Chinese smartphone maker Huawei Technologies recently introduced a smartphone capable of ultrafast data connectivity. Combined with the official ban on iPhones for government workers in Beijing, this development is expected to have a significant negative impact on Apple's sales in the world's largest smartphone market.

Apple's Stock Experiences the Largest Two-day Drop in 2023

In a worrisome turn, Apple experienced its largest two-day drop in the year 2023. The repercussions were felt not only by Apple but also by its suppliers. Shares of chip designer Qualcomm took a plunge amidst these developments.

Positive Outlook for Apple's Future

Despite the recent setback, some brokerages hold an optimistic view of Apple's future. One such brokerage, Morgan Stanley, believes that the low expectations for the fiscal 2024 iPhone sales and the potential for both unit and average selling-price growth in the iPhone 15 cycle are not accurately anticipated.

Decline in Seagate Technologies' Stocks

Apart from Apple and its suppliers, hard-disk drive maker Seagate Technologies also suffered a significant decline in its stock performance.

Tesla Remains Steady Amidst Charging Station Development

Electric vehicle company Tesla's shares remained relatively flat even after Hilton announced its plans to add charging stations. This development indicates stability in Tesla's market position.