Trump's tariffs are weighing on AAPL
Apple Inc (NASDAQ:AAPL) was last seen down 8.9% at $203.94, leading Big Tech losses after President Donald Trump announced sweeping tariffs. Rosenblatt Securities warned AAPL could see $39.5 billion in tariff costs, and would need to hike device prices 40% to offset them.
Additionally, BofA Global Research cuts the stock's price target to $250 from $265. During his speech, Trump applauded Apple for its plan to spend $500 billion in the U.S. in the next four years, with Jefferies noting this could help the tech company secure a tariff exemption.
AAPL is trading at its lowest level since August and looking to snap a four-day win streak, as it heads for its largest single-day percentage drop since March 2020. Since the start of the year, the equity is down 18%.
So far in today's options pits, 428,000 calls and 453,000 puts have traded hands -- double the overall options volume typically seen at this point. Expiring tomorrow, the weekly 4/4 200-strike put is the most popular contract, followed by the 210-strike call in that same series.
Puts were more popular than usual leading up to today as well. AAPL's 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 90% of annual readings.