Why Apple Shares Are Diving Today

Shares of several companies in the broader tech sector, including Apple Inc 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.