Apple plans to slow hiring and spending for some teams in 2023, according to a Bloomberg report. They won't backfill rose or add new staff in certain cases but it's not companywide and won't affect all roles.
That report has sent shares of Apple down to 149.35 from $150.50. That's not a huge fall but it's weighing on the broader market as well.
The worry is that this is the kind of thing that management does when financial goals aren't being met or demand is below projections. The thinking among market participants is that it means a bad earnings report is coming up.
And if Apple is struggling with a product that's so essential to everyday life, what is the rest of the market/economy facing?
The Nasdaq has pared its gain on the day to 0.6% from 1.5%. It's fallen into the opening gap, which isn't a good technical sign.