(Bloomberg) — A Federal Reserve meeting typically is the stock-market story of the week. Not so this time, however, as investors are more focused on Apple Inc.’s Thursday earnings report than the central bank’s Wednesday interest-rate decision.
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There’s reason for concern about Apple. The world’s most valuable company, representing 7.2% of the S&P 500 Index, is facing a slump in smartphone sales, and one of its main suppliers is under investigation in China. A revenue decline is expected for a fourth consecutive quarter, its longest streak in more than two decades.
Other big tech companies have seen their shares drop after posting solid earnings this month, so investors may not be forgiving if Apple shows weakness. The stock is already struggling, on pace for a third-straight losing month, which hasn’t happened since the middle of last year’s…
