Apple is sliding ahead of unveiling its new iPhones
- Apple shares are sliding ahead of the tech giant's event that will launch new iPhones and other products Wednesday afternoon.
- Regulators could tighten their oversight on big tech companies.
- Apple is still one of the top popular stocks among millennial investors, according to data from Robinhood.
- Watch Apple trade in real time here.
Apple shares are sliding, down about 1% at $221.64 apiece, as the tech giant readies to debut its new iPhones and other products.
Apple is expected to unveil three new iPhones and a slew of other products including a new Apple Watch, a new entry-level laptop, a pro-focused Mac mini desktop computer, and refreshed Air Pods at an event in Cupertino, California, on Wednesday afternoon.
But shares of some of the world's largest tech companies including Apple are under pressure amid the signal that regulators could tight up oversight on big techs.
Apple's vice president for software technology will testify in front of a Senate committee on September 26, explaining the company's approaches to privacy while addressing new requirements from the European Union and California, Reuters says, citing a Congressional statement on Wednesday.
In total, six mega internet and technology company will show up at the hearing, including Apple, Google, Amazon, Twitter, AT&T and Charter Communications.
Here's the scoreboard:
- Twitter: -4%
- Facebook -2%
- Alphabet's Google: -1.5%
- Apple: -1%
Meanwhile, the Federal Trade Commission will also held a series of public hearings on competition in the technology industry starting Thursday. Tech giants could be in for more government oversight as regulators examine rules to keep them from acting like monopolies.
Despite the selling trend, Apple is still one of the top picks among millennial investors, according to data from Robinhood, a no-fee brokerage popular among younger traders.
On Robinhood, a total of 6,417 investors added Apple shares to their portfolios this week, up 2% from a week ago, according to Business Insider's tracking of the data. Apple remains the second most popular stock on the brokerage.
Apple shares are up 29% this year.
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