(Bloomberg) -- Apple shares closed lower on Tuesday, with the iPhone maker slipping after a four-day rally that put it within striking distance of a historic $3 trillion market value, a threshold that has proved elusive for weeks.
The stock fell 0.6% as investors rotated out of big-tech names, closing at $179.29. Based on Apple’s outstanding shares, it will reach $3 trillion if the stock hits $182.86; it rose as high as $182.13 in intraday trading this month. Should Apple reach the milestone, it would be the first time any company has done so.
The achievement would cap a strong year for Apple, which has surged 35% in 2021 and ended Tuesday’s session with a $2.94 trillion value. It is also up more than 200% since Covid first sent the world into lockdown early last year and underlined the centrality of technology for work, education, entertainment and keeping connected.
The stock has been a favorite because of the global popularity of the company’s products, the potential for new offerings to maintain its steady sales growth, and its strong cash balance. Such tailwinds have helped investors look past potential risks like a shortage of chips and the ongoing pandemic, which prompted Apple to shut its New York City retail stores. Wall Street’s other major tech and internet companies are also among the year’s most notable outperformers.
Apple shares recently came under pressure after the Federal Reserve took a more hawkish stance than had been expected, but investors subsequently bid them back up as they looked for equities that are seen as high quality, and which boast long track records of growth. Prior to Tuesday’s session, Apple had risen for four straight trading days, ending at a record close on Monday.