AAPL stock fell 3.3% yesterday, down from $155.47 at market close on Tuesday to $150.25 at Wednesday’s close.
Business Insider suggests that this was due to fading belief in the Trump administration’s promise of tax breaks for repatriating cash reserves held overseas.
Apple’s CFO Luca Maestri has suggested that if the company were able to repatriate some of its overseas holdings at a lower tax rate, it would return some of the money to its shareholders.
But recent developments in Washington DC, especially allegations that President Trump may sought to end the FBI’s investigation into former National Security Adviser Michael Flynn, have reduced the chance that tax reform is imminent.
Whether this specific issue was in play is hard to say. The market dislikes uncertainty and turmoil, and the potential impeachment of the President of the United States would appear to fall rather solidly into that category. The first formal call for impeachment was made by Congressman Al Green yesterday.
The NASDAQ 100 was down 2.5%, with all but seven stocks losing value.