Shares of several companies in the broader tech sector, including Apple Inc (NASDAQ:AAPL), are trading lower amid market weakness as traders continue to digest Wednesday’s Fed rate hike announcement. A gain in treasury yields has weighed on technology and growth stocks.
The Federal Reserve last Wednesday raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years.
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Apple designs a wide variety of consumer electronic devices.
According to data from Benzinga Pro, Apple has a 52-week high of $182.94 and a 52-week low of $122.25.
