Why Apple Shares Are Falling

Shares of large technology companies, including Apple Inc AAPL, are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.

The 10-year Treasury yield hit an intraday high of 1.567% Tuesday morning before dipping to around the 1.544% level. The spike in the 10-year note this week comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program.

Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), AirPods, and TV boxes (Apple TV), among others. The iPhone makes up the majority of Apple's total revenue.

Apple is trading lower by 2.4% at $141.95. Apple has a 52-week high of $157.26 and a 52-week low of $107.32.