Shares of Apple Inc. AAPL, -4.02% dropped 3.8% to pace the Dow Jones Industrial Average’s DJIA, +0.15% premarket losers, after Bloomberg reported overnight that an expected surge in demand for new iPhones have failed to materialize. The report said Apple is dropping plans to boost production as a result. Apple’s stock is on track to open at a 2 1/2-month low. The implied premarket price decline would shave about 38 points off the Dow’s price, while Dow futures YM00, +0.11% fell 76 points, or 0.3%. Separately, Apple’s stock’s 50-day moving average is set to cross above the 200-day moving average on Wednesday, a bullish pattern known as a “golden cross.” It would be the first time the 50-DMA was above the 200-DMA since June 2, and the first “golden cross” since May 7, 2019.
