Apple stock is on its way to having its worst day since mid-March. Thus far today, AAPL is down nearly 6% as part of (and helping drive) broader market fluctuations. AAPL stock also fell on Wednesday and is down nearly 9% since Tuesday.
As CNBC points out, today is on track to be the worst day for Apple stock since March 16, when it fell 12.9% at the start of the COVID-19 pandemic and associated economic concerns. Apple isn’t the only technology company slipping today, though:
Apple’s drop is joined by its tech peers. Microsoft and Facebook dropped more than 4%. Alphabet, Netflix and Amazon were each down more than 3%. The S&P 500 tech sector traded 5.6% lower and was on track for its biggest one-day decline since June 11, when it fell 5.8%.
Apple doesn’t appear to be at risk of losing its $2 trillion market capitalization, which sits at over $2.1 trillion even after the stock price plunged by over 5%. Apple became the first public company to reach a $2 trillion market capitalization just last month.
On Monday, Apple stock officially started trading at a four-for-one split rate. AAPL ended the day up by 3.39% following the split, but it has since erased those gains over the last two days of trading. There appears to be little direct reasoning for Apple’s slip over the last two days, but the overall market is down today as CNBC points out:
Stocks fell sharply on Thursday as investors paused in the wake of a recent rally to all-time highs. Tech, the market leader since the rebound began in late March, was the biggest laggard. The Dow Jones Industrial Average dropped 542 points, or 1.9%. The S&P 500 slid 2.6% and the Nasdaq Composite fell by 3.9%. At one point, the Dow was down more than 800 points.