Apple downgraded and that's very strange, it also let to tech selloff

Apple stock was downgraded today and that let to another technology stock selloff. The downgrade caused Apple stock to lose 4.91% in stock price today. The stock was down by $7.36 and closed at $142.48.

This happened as a result of a recent downgrade by the Bank of America, this is a rare move as Apple hardly gets downgraded. Investors can take this as unexpected because Apple's stock is already down by over 20 % for the year when compared to the price it was selling for last year 2021.

To make the matter worse for Apple stock, Bank of America analyst cut its price target to $160 per share from $185 per share. Apple stock is selling at $142.48 per share as of today’s stock market close.