Saudi Arabian Oil Co. briefly hit a record high Monday, taking its market capitalization close to that of Apple Inc. in the race for the world’s most valuable company. The rally in oil prices has boosted the world’s biggest oil company’s shares, while a broader selloff has put Apple under pressure. Apple, which has held the market cap title since 2020, has been hit by higher interest rates that fuel concerns about future earnings growth for technology companies. The iPhone maker declined 2.4% in premarket trading, suggesting that it could shed $60 billion in market value to $2.49 trillion versus Saudi Aramco’s $2.44 trillion.
No comments:
Post a Comment