Apple shares down 2.84 per cent after iPhone 7 reveal

Traders are sceptical of the prospects of the iPhone 7 returning Apple to growth.

Apple stock was down 2.84 per cent at market close yesterday, the day after the company revealed its new iPhone models.

Apple shares closed at $105.52 yesterday as against $108.36 at close on Wednesday. The stock was at $105.41 at one point during the day.

Apple stock is down about 15 per cent from its 52-week high at $123.82.

Apple announced a number of new products on Wednesday which included the iPhone 7, the iPhone 7 Plus, new Apple Watch models, and a set of wireless earbuds.

Apple had seen two successive quarters of annual sales declines, and the company, which looked to return to growth had pinned its hopes on the new iPhone models for year-over-year growth.

Wall Street analysts are not impressed and a Deutsche Bank analyst called the new products "not a game changer."

Apple yesterday announced that it would not provide the number of first-weekend presale orders for the newest iPhone, in a departure from the practice it had followed for years.

Meanwhile, US stocks fell yesterday, pulled lower by Apple after its latest iPhone failed to impress Wall Street, but the overall fall was limited by energy shares.

US stocks had traded in a tight range in recent months as investors sought to assess the outlook for US interest rates and the health of the US economy.

"People are wondering when and if the Fed is going to move again," said John Carey, portfolio manager at Pioneer Investment Management in Boston, Reuters reported.

"There's anxiety about that because of what happened the last time. Even though they raised rates just a quarter of a percent, that seemed enough to trigger a sale of stocks. There's worry there could be a similar reaction."