June 3, 2019 / 6:50 PM / 2 months ago

Apple dips on news of DoJ antitrust probe

FILE PHOTO: The logo of Apple company is seen outside an Apple store in Paris, France, April 10, 2019. REUTERS/Christian Hartmann

Shares of Apple Inc were down nearly 3% in afternoon trading on Mon following a Reuters report that the U.S. Dept of Justice was given jurisdiction to include the iPhone maker as part of broader antitrust probe.

Stock has since pared loss, last down 1.0% at $173.29.

Regulatory risks have weighed on other members of the so called FAANG group of momentum stocks; Facebook Inc is down 6.9%, Amazon.com off 4.4%, Google parent Alphabet Inc sliding 6.4%.

The broader Nasdaq was last down 1.3%, with FAANGs weighing heaviest.

Communications services and tech sectors were the heaviest drag on the S&P 500, down 2.7% and 1.5%, respectively.

So far this year, AAPL has gained ~10%, slightly underperforming the IXIC’s ~11% advance.

Reporting by Stephen Culp

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