Apple’s iPhone Rally Might Have to Wait

A big tech unveil hasn’t drummed up day-of market enthusiasm for Apple stock in years, but the picture tends to get brighter in the longer-term. The iPhone maker has lagged behind the broader S&P 500 index on five consecutive iPhone launch days.

Apple expected to unveil first folding phone

The event, the first with new CEO John Ternus at the helm, will be the most noticeable overhaul of Apple’s flagship product since it removed the physical home button from the iPhone X in 2017. The iPhone brought in $209.6 billion, or just over half of Apple’s sales, in its most recent fiscal year.