.August 5, 2024 2:35 PM

Apple Inc. (NASDAQ:AAPL) saw a 10% decline in early trading due to Warren Buffett’s Berkshire Hathaway selling nearly half of its Apple holdings in the second quarter, part of a larger $75.5 billion stock selloff. Berkshire also reduced its position in Bank of America, increasing cash reserves to $276.94 billion.

Despite the sell-off, analysts at Wedbush remain optimistic about Apple, noting Buffett’s confidence in the company’s performance and future prospects. As of June 30, Apple remains Berkshire’s largest holding, valued at $84.2 billion.

The market’s concerns were heightened by a weak jobs report and fears of an economic slowdown, leading major banks to call for interest rate cuts to mitigate the economic impact.