Apple (AAPL) shares tumbled Thursday, giving back some of their gains from a historic rally yesterಌday when President Trump paused most of the tariffs that took eff𓆏ect overnight. 

Apple stock was down 6% in recent trading. Shares skyrocketed 15.3% yesterday, their biggest one-day gain since 1998, after President Trump 澳洲幸运5官方开奖结果体彩网:announced a 90-day pause on nearly all of the “reciprocal tariffs” he unveiled last week. The pause sent the major indexes soaring, with the S&P 500 notching its 澳洲幸运5官方开奖结果体彩网:best day since 2008 and the Nasdaq Composite pos🎶ting its biggest gain since 2001. 

Apple has been 澳洲幸运5官方开奖结果体彩网:hit particularly hard by Presi๊dent Trump’s tariffs, especially those on China, where the company manufacꦰtures an estimated 90% of its products. Shares slumped nearly 25% between Trump’s tariff announcement last week and yesterday’s pause.

Bank of America analysts on Monday maintained a “buy” rating on Apple stock, citing its stable cash flows, resilient earnings, and potential benefits from AI. And in a note on Tuesday, BofA called the pullback “a particularly 澳洲幸运5官方开奖结果体彩网:enhanced buying opportunity for investors to own a high-quality name.”

Despite Wednesday’s tariff pause, Apple still finds itself in the middle of escalating U.S.-China tensions. China matched Trump’s 34% tariff rate last week, a move that prompted Trump to further increase tariffs on Chinese imports. Another round of retaliation from China led Trump on Wednesday to raise the rate on Chinese goods 澳洲幸运5官方开奖结果体彩网:to 125% from 104%. 

Apple is 澳洲幸运5官方开奖结果体彩网:reportedly planning to ship more U.S.-bound iPhones from India to mitigate the tariff impact. Morgan Stanley analysts in a note on Wednesday said Apple would need to double iPhone production in India to completely decouple U.S. consumers from Chinese manufacturing. “To us, this is fathomable, but might take longer than 6-12 months,” the analysts wrote.

In the near term, Apple could pull its lower-margin, 🍃low-storage iPho𝓰ne models and lean into financing plans to offset the headwind of higher prices, according to analysts.