Apple (AAPL) was the only Major Tech Stock that closed up today as Investors sought Safe Haven over Uncertainty due to Omicron COVID Variant
Apple stock closed up 3.1% on Tuesday as other stocks tumbled on concerns of the new omicron Covid variant, showing investors see the company as a safe haven during market uncertainty.
Other large-cap tech stocks like Google, Amazon, Meta (formerly Facebook) and Microsoft closed down for the day amid a broader market selloff.
Needham analyst Laura Martin told CNBC (on video below) that investors turned to Apple on Tuesday because the company has prodigious cash flow, allowing it to endure any slowdowns in the economy and take advantage of falling prices.
Martin added that "There’s a flight to quality with companies that you know will weather the storm, not go bankrupt, not have financial distress. For more, read the full CNBC report.