New York, January 8, 2026, 16:07 ET — After-hours
Apple (AAPL.O) shares fell 0.7% to $258.58 in late trading on Thursday, valuing the iPhone maker at about $3.0 trillion. The stock, trading at roughly 30 times trailing earnings, swung between $255.83 and $260.25.
The move comes as investors trim exposure to large technology stocks early in the year, when fresh U.S. data can shift interest-rate bets fast. Higher bond yields can hit growth stocks because they make future profits worth less in today’s money.
For Apple, the timing matters because the company is leaning harder on services like payments and app distribution for steadier revenue, while regulators keep pushing on fees and market power. Even when iPhone demand is the headline, legal and partner risk can seep into the multiple investors are willing to pay.
India’s antitrust watchdog told a court that using “global turnover,” or worldwide revenue, helps keep penalties meaningful for multinationals, according to a filing seen by Reuters. Apple has challenged that approach and warned it could face fines as high as $38 billion tied to an App Store case; the Delhi High Court is set to hear the lawsuit on Jan. 27. “This approach ensures that penalties retain real deterrent value,” the watchdog said in the filing. 1
Apple also has a fresh reset in its consumer-finance plumbing. JPMorgan Chase and Apple announced a deal that will make JPMorgan the new issuer of the Apple Card, replacing Goldman Sachs, in a shift expected to bring more than $20 billion in card balances to JPMorgan’s platform once completed. JPMorgan said it expects a $2.2 billion provision for credit losses — money set aside for loans that might not be repaid — and the companies said the deal is subject to regulatory approvals and is not expected to close for about two years. Goldman Chief Executive David Solomon said the move “substantially completes” the narrowing of the bank’s focus in its consumer business. 2
The broader tape did not help. The Nasdaq fell as big tech dipped, while Alphabet extended gains a day after it overtook Apple in market capitalization for the first time since 2019. “It’s become a ‘show me’ sector,” said Art Hogan, chief market strategist at B. Riley Wealth, as investors pressed for clearer payoffs from heavy spending. Markets are also waiting on Friday’s U.S. nonfarm payrolls report. 3
But the near-term read-through for Apple is uneven. A smoother path in India or a clean handoff of Apple Card could take some edge off the narrative, while an adverse ruling, delays or a rates-led selloff could keep pressure on the stock.
Traders now look to Apple’s fiscal first-quarter results on Jan. 29 for signals on demand and services momentum, and for how the company frames regulatory and payments-related risks. 4
