Why Apple stock is on the brink of a 10% correction

Apple (AAPL) investors have had a rotten August as the bears feast on renewed growth fears. Shares of the tech giant are off by about 8.8% in August, according to Yahoo Finance data, badly underperforming the S&P 500’s 1.6% drop. The stock has fallen below its key 50-day moving average as sentiment has soured after the company’s tepid earnings report a week ago. Relative to its July 31 record high, Apple is down roughly 9% — or 1 percentage point away from reaching the technical definition of a correction. During this span, Apple has seen a loss of $255 billion…