Apple Stock Slumps 7% After Earnings Report

Apple's stock plummeted over 7% after its fiscal Q3 earnings report, wiping out more than $300 billion in market value. Despite record revenue of $109.4 billion and EPS of $2.02, investors were concerned about supply constraints and weaker-than-expected Services growth.

The key support level for Apple's stock is at $309.41, with potential targets of $320.27 and $328.31 if it rebounds. However, a drop below this level could lead to further declines.

The upcoming U.S. economic data will influence investor sentiment, particularly regarding the labor market and its impact on Federal Reserve policies. Stronger employment data would likely raise Treasury yields and the U.S. dollar, while weaker data would lead to selling in line with big tech companies like Apple.