Larger iPhones and Apple’s first smartwatch didn’t excite Wall Street Tuesday.
The stock fell shortly after company CEO Tim Cook unveiled the iPhone 6 and iPhone 6 Plus, boasting larger screens than the iPhone’s predecessors, as well as the Apple Watch, and a new mobile payment system, Apple Pay.
While the stock spiked during Apple’s two-hour press presentation at its Cupertino, Calif., headquarters, it fell toward the end of the event, ending the day down 37 cents to close at $97.99.
Shares actually rebounded a bit after falling 1.7% to $96.67 before the close of the trading day. It’s the lowest prices Apple’s shares have traded at in around three weeks.
Wall Street was perhaps disappointed that while the iPhone 6 will become available Sept. 19, the Apple Watch won’t appear on consumers’ wrists until early 2015.
Apple typically makes its new devices available shortly after they’re introduced at its high-profile press events.
The disappointing news for Apple’s stock, however, comes as the overall mood on Wall Street was dour.
The Dow and S&P 500 closed at their lowest levels in more than three weeks, with the Dow Jones Industrial Average off 0.5% to 17,022; the S&P 500 index losing 0.6% to close at 1,988; and the Nasdaq Composite Index shedding 0.8% to end at 4,554.