Shares of iPhone and iPad maker Apple (NASDAQ:AAPL) fell 5.6% in the morning session after markets tumbled, extending the weakness from the previous week as concerns over the ongoing trade war continued to spread. Over the weekend, President Trump fielded questions regarding recession worries on FOX News, calling the market struggle “a period of transition,” but that didn’t do much to calm investors. The sell-off was particularly pronounced in the tech sector, with the Nasdaq falling 3% into correction territory, while the S&P 500 also posted a 2% decline.

Separately, Citi analyst Atif Malik removed the stock from the “Positive Catalyst Watch,” citing the delay in the “much-anticipated” Siri upgrade. The analyst believed an early update would have boosted the iPhone upgrade cycle in 2025.

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Apple’s shares are very volatile and have had 20 moves greater than 2.5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 27 days ago when the stock gained 2.8% after Reuters reported that the company was teaming up with Alibaba to launch artificial intelligence features for iPhone users in China. The update could provide much-needed clarity on the company’s timeline for rolling out AI features, given worries about growing competition.

Apple is down 7.7% since the beginning of the year, and at $225.08 per share, it is trading 13.1% below its 52-week high of $259.02 from December 2024. Investors who bought $1,000 worth of Apple’s shares 5 years ago would now be looking at an investment worth $3,155.

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