Dow Jones Falls as Apple iPhone Sales Fall; Cathie Wood Sells $30 Million Coinbase Stock

Stocks in Apple fell on Tuesday after a report revealed significantly lower iPhone sales in China, which sent the Dow Jones Industrial Average and other key indices tumbling.

Coinbase (COIN) was sold on the stock exchange today by renowned investor Cathie Wood for roughly $31 million.

Early trading saw a 0.6% decline in the DJIA and a 0.9% decline in the S&P 500. Following the opening bell, the tech-heavy Nasdaq composite fell 1.8%.

The Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq 100, was down 1.8% among U.S. exchange traded funds, while the SPDR S&P 500 ETF (SPY) was down 0.8%.

Six basis points, or 4.16 percent, decreased from the 10-year Treasury rate. Oil prices declined further on Monday, with West Texas Intermediate futures down 0.7% to trade near $78.15 per barrel.

Apple Stock Drops After Cathie Wood's Sale According to daily trading filings, Cathie Wood's Ark Invest funds sold around 135,000 shares of Coinbase stock on Monday, which is equivalent to approximately $30.9 million based on the closing price. On Monday, Coinbase shares reached a new all-time high, surging almost 11%.

According to CoinDesk, the price of bitcoin increased to trade about $67,700 on Tuesday, causing Coinbase shares to decrease 1.1%. In the past day, Bitcoin's value has increased by nearly 4%.

On Tuesday, a report indicated that iPhone sales in China were decreasing, which caused Apple (AAPL) stock to lose 3%. Counterpoint Research reports that Apple's iPhone sales in China for the first half of 2024 were 24% lower than the same period in the previous year.

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