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

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 per cent at $121.27 after getting as low as $119.65 moments earlier.