New York, Jan 20, 2026, 09:35 (ET) — Regular session
- Apple shares fall about 1% in early trading as risk-off selling hits megacap tech
- Evercore ISI and Citi flag strong iPhone 17 demand into Apple’s results next week
- Investors watch tariff timelines and component costs for clues on margins and guidance
Apple (AAPL.O) shares fell $2.72, or about 1.1%, to $255.53 in early trading on Tuesday, giving the iPhone maker a market value of roughly $3.0 trillion.
The drop came as stock index futures — contracts that track benchmarks ahead of the opening bell — slid after U.S. President Donald Trump threatened new tariffs on imports from eight European countries tied to a standoff over Greenland. “We’re getting the weakness because the headlines are going to drive angst and concern about what the future holds,” said David Lundgren, chief market strategist at Little Harbor Advisors. Trump said the extra 10% tariffs would start Feb. 1 and rise to 25% on June 1. 1
For Apple, the timing is awkward. Evercore ISI added the company to its Tactical Outperform list — a short-term list of stocks it expects to beat the market — and kept a $330 price target, pointing to strong iPhone 17 demand into the holiday quarter; Citi also expects a beat but trimmed its target to $315, warning that rising memory prices could pinch margins later in fiscal 2026. 2
The tariff scare has also pressured the dollar and pushed money into havens, a mix that can weigh on richly valued U.S. tech. “it’s actually the dollar that is bearing the brunt of it,” said Khoon Goh, head of Asia research at ANZ, as markets priced in fresh political risk around U.S. policy. 3
Apple is a heavyweight in the Nasdaq and S&P 500, so a pullback often shows up quickly in index moves. Traders said the early selling looked broad, not just a company story.
In Europe on Monday, with U.S. markets shut for a holiday, shares of big U.S. tech names listed in Frankfurt fell sharply after the same tariff headlines, with Alphabet, Nvidia and Microsoft down around 2% and Nasdaq 100 futures lower. 4
Evercore ISI also forecast December-quarter revenue of $140.5 billion and earnings of $2.71 per share, above consensus estimates of $137.4 billion and $2.67, according to data cited in a note recap. It said a higher-end iPhone mix could lift average selling prices — the average price consumers pay per device — though memory costs could become a modest gross-margin headwind later in the year. 5
But the risk is that the macro noise does not fade. “There is obviously a response (in financial markets) to the new tariff threats,” said George Lagarias, chief economist at Forvis Mazars, who also warned Washington was likely to keep using tariff threats as leverage. “The market reaction that we have seen so far is more on the back of the geopolitical risk than the tariff threat,” said Tommy von Brömsen, FX strategist at Handelsbanken. 6
Apple reports quarterly results on Jan. 29 and will hold a conference call that day, with investors looking for iPhone 17 volumes, services growth and any discussion of costs and supply-chain exposure as the Feb. 1 tariff deadline approaches. 7
