Apple shares drop almost 3% after unveiling first 5G iPhone

After a big rally Monday, Apple shares were already under pressure early Tuesday prior to the launch event in the afternoon.

This image provided by Apple shows the new iPhone 12 Pro phones equipped with technology for use with faster new 5G wireless networks that was unveiled on Oct 13, 2020. (Photo | AP)

NEW YORK: Apple shares tumbled Tuesday despite the company's unveiling of a new iPhone model that is the first to be used on ultra-fast 5G networks.

After a big rally Monday, Apple shares were already under pressure early Tuesday prior to the launch event in the afternoon. Near 1830 GMT, Apple was down 2.5 percent at $121.27 after getting as low as $119.65 moments earlier.