Apple shares fall 3% on first trading day of year after rare downgrade

'The iPhone 15 has been lacklustre and we believe iPhone 16 should be the same,' Barclays said in a client note

Shares in Apple soared 50% last year.

Shares in Apple fell 3% at one stage on the first trading day of the new year, after Barclays downgraded the world's most valuable firm on concerns that demand for its devices from the iPhone to Mac will remain weak in 2024.

Barclays is the second brokerage to have the equivalent of a "sell" rating on the stock, which now has its most number of bearish recommendations in at least two years.