Apple sheds 8% in worst day of trading since late March

Apple CEO Tim Cook AP Photo/Richard Drew

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Shares of Apple shed as much as 8% on Thursday in the worst day of trading for the technology giant since March.

The slump extends gains from earlier in the week, and brings Apple’s losses to nearly 9% since Tuesday. On Monday, a 4-for-1 split of Apple’s stock went into effect.

Apple has surged this year, outperforming the broader market even amid the coronavirus pandemic and recession as investors flock to big technology stocks. The tech-heavy Nasdaq Composite index has notched many record highs, led by Apple and other so-called FAANG stocks including Facebook, Amazon, Netflix, and Google parent Alphabet.

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On Thursday, the other FAANG stocks were also lower as markets took a step back from a strong start to September.

Apple’s rally this year pushed it to another milestone – in August, it became the first US-listed company to reach a $US2 trillion market cap. Apple reached the record valuation just two years after it became the first US company to reach a $US1 trillion market cap.

Apple is up roughly 70% year-to-date.

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