Oil Futures Spike 18% Past $100 Sends Apple Shares Tumbling After Hours
Apple’s shares sank in after-hours trading as WTI crude futures spiked 18% past $100 per barrel, sending Nasdaq futures down 2.1%. The oil-driven rotation benefited energy giants but intensified losses for tech firms and weighed on Berkshire Hathaway’s largest holding in Apple.
1. Oil Futures Surge Past $100
WTI crude futures jumped 18% above $100 per barrel in after-hours trading on Sunday, driven by a sudden geopolitical concern in major oil-producing regions. This breakout fueled a sharp rally in energy stocks, with Exxon and Chevron both rising over 3.5%.
2. Apple’s After-Hours Drop
Apple’s shares sank in after-hours trading as the oil-led market rotation triggered selling across technology names. Key indices felt the impact, with Nasdaq futures down 2.1% and S&P 500 futures off 1.8%, amplifying losses for tech giants.
3. Implications for Apple
The abrupt selloff underscores Apple’s sensitivity to macro shifts and sector rotations, posing near-term risks for its stock performance. Heavy exposure in large portfolios, including Berkshire Hathaway’s stake, may drive further volatility in the coming sessions.