Shares of Apple (AAPL -1.29%) were falling 3.9% heading into noontime trading Wednesday as retail sector earnings have been weaker than expected this week and the Federal Reserve is expected to further tighten the screws on the economy.
There has also been an uptick in cases of COVID-19, which caused Apple to delay implementation of its three-days-in-the-office policy.
While the Dow Jones Industrial Average is tumbling almost 750 points lower, or 2.2%, the tech-laden Nasdaq 100 is down 3.3% so far.
Even so, Bank of America thinks Apple is one of the companies that ought to perform well in the current inflationary environment. And analysts have noted its strong quarterly earnings report despite supply chain issues and the chip shortage that has weighed on industries of all kinds for at least a year now.
According to TheStreet.com, the bank's list includes stocks on the S&P 500 whose performance is inverse to its inflation indicator, for which its data goes as far back as 1975.
Apple employees have long complained about having to go back to work in the office. Ever since they've been able to work from home because of the pandemic, they believe they should be allowed to continue doing so.
Apple, though, was preparing to have them return to the office next week and work on site on Mondays, Tuesdays, and Thursdays. But with the rise in COVID cases, it has put the measure on hold for an undetermined period.