What's Going On With Apple Stock Today?

Apple Inc AAPL shares are trading lower Tuesday. The stock appears to be facing selling pressure after the company cut iPhone prices in China in an effort to spark demand.

What To Know: Apple is planning to cut prices on its iPhones in China by as much as 500 yuan ($70) amid increasing competition in the Chinese market, according to Reuters.

The iPhone maker is reportedly running a limited promotion for the Lunar New Year event. From Jan. 18 to Jan. 21, Apple will offer up to 5% discounts on some iPhone models through its Chinese website.

The report indicates that early sales of the iPhone 15 models in China have been “far worse” than the company’s previous iPhone models as competitors like Huawei Technologies and Xiaomi ramp up competitive model offerings amid government limitations on Apple phones.

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What Else Is Happening: Several reports indicate the U.S. Supreme Court declined Apple’s attempt to get the courts to reconsider a decision that would require the company to change some of the rules in its App Store. The justices also reportedly turned down an appeal from “Fortnite” maker Epic Games.

“The Supreme Court denied both sides' appeals of the Epic v. Apple antitrust case. The court battle to open iOS to competing stores and payments is lost in the United States. A sad outcome for all developers,” Epic Games CEO Tim Sweeney said in an X post.

Apple also previewed new entertainment experiences for Apple Vision Pro on Tuesday, which is set to launch next month.

“Apple Vision Pro is the ultimate entertainment device … It’s unlike anything users have ever seen before and we can’t wait for them to experience it for themselves,” said Greg Joswiak, senior vice president of Worldwide Marketing at Apple.

Apple Vision Pro will feature a pair of ultra-high-resolution micro-OLED displays, high dynamic range, Dolby Vision, R1 and M2 chips and an advanced Spatial Audio system.

The company detailed upcoming dynamic app experiences and environments, personal theater capabilities, arcade options and immersive entertainment allowing for 3D experiences. Apple said all of these features will be available when the headset launches on Feb. 2.

AAPL Price Action: Apple shares were down 1.41% at $183.28 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Apple.