As one of the top two largest market cap stocks in the world, and one of the highest weighted stocks in large cap US and global indices, Apple (AAPL) can be seen as one of primary bellweather stocks for equity markets.
After a relatively slow start to the year, Apple spent most of 2023 in the green zone of the SIA S&P 100 Index Report, particularly from April through to the end of last year. Apple kicked off 2024 by dropping out of the green zone into the Yellow Neutral Zone and it has been steadily sinking back down the rankings since then. This decline suggests that investors may be taking profits in big caps, particularly in Technology and rotating capital down the food chain or out to other sectors. Over the last month, Apple has dropped 17 positions to 38th place.
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