New York, Jan 23, 2026, 10:22 (EST) — Regular session underway
- Apple shares slipped roughly 0.8% in early trading, weighed down by weakness in the tech sector
- The India court hearing set for Jan. 27 brings Apple’s App Store dispute back into the spotlight
- China discounts kick off Jan. 24, with investors eyeing component costs and earnings reports due next week
Apple (AAPL.O) shares dipped $2.08, roughly 0.8%, to $246.27 in Friday’s morning session. So far, the stock fluctuated between $244.73 and $248.84.
The dip arrives amid several near-term challenges for the iPhone maker: an upcoming court date in India over an antitrust case, plus a short-lived promotion kicking off this weekend in China. Traders are also wrestling with how much Apple can maintain its pricing if component costs rise.
Investors face a packed week with earnings reports and a Federal Reserve meeting, a mix that tends to amplify minor shifts in outlook for mega-cap stocks. “Earnings are the driver,” said Chris Galipeau, senior market strategist at Franklin Templeton. 1
U.S. stocks kicked off Friday on a mostly down note, dragged by Intel’s disappointing outlook. The Dow dropped 0.32% at the open, the S&P 500 edged down 0.03%, and the Nasdaq held steady, Reuters reported. 2
Apple has approached a court in India to block the Competition Commission of India from accessing its global financial data amid an investigation into its App Store practices, according to court documents. The tech giant warned it could face fines reaching $38 billion if penalties are based on “global turnover,” meaning its worldwide revenue. The Delhi High Court is set to hear the case on Jan. 27. 3
Apple announced discounts up to 1,000 yuan ($143.60) on select iPhone, Mac, iPad, and Apple Watch devices in China, running from Jan. 24 to Jan. 27. However, the new iPhone 17 is excluded from this promotion. 4
Cost pressures are making a comeback. Reuters reported that AI infrastructure demand has soaked up much of the global memory-chip supply, driving prices higher and casting a shadow over consumer electronics. IDC and Counterpoint now forecast global smartphone sales to drop by at least 2% this year. “It is certainly going to show up as higher prices for consumers,” said Emarketer analyst Jacob Bourne. Morningstar’s William Kerwin noted Apple “uses contract pricing rather than more volatile spot pricing,” but warned the company might still need to hike prices. 5
Supply-chain news keeps rolling in. Apple supplier Pegatron expects to wrap up its first U.S. factory in Texas by the end of March, aiming for trial production in late March or April. CEO Kuang-Chih Cheng described it as the company’s “first factory established and operated in the United States.” 6
Apple investors are keeping their eyes on the usual suspects: demand signals out of China, the impact of promotions on margins, and if rising component costs will push the company toward steeper price hikes. While growth in services and buybacks offer some support, they can’t fully offset slumping hardware sales when those start to appear.
Downside risks are evident. If component inflation bites harder than anticipated, margins could take a hit. Heavier discounting might also backfire, conditioning customers to hold out for bargains. Plus, a legal loss in India could ramp up regulatory scrutiny on Apple’s services strategy.
The next key dates are fast approaching: India’s hearing on Jan. 27 and Apple’s earnings report on Jan. 29. Investors will be watching closely, especially for management’s comments on pricing and input costs, which could prove as important as the actual results.
