“Hold on your iPhone, even technology cash-cow Apple has been hit by Friday’s market mayhem,” CNBC reports.
“Shares of Apple entered bear market territory Friday, dropping more than 20.29 percent from their April 28 high of $134.54,” CNBC reports. “After its shares plummeted more than 4.5 percent for the day, Apple joined nine other Dow components already in bear market territory: Proctor & Gamble, IBM, Exxon, Intel, Walmart, Caterpillar, United Technologies, Chevron, and DuPont.”
“U.S. stocks traded down more than 2 percent across the board Friday afternoon, with the Dow hitting a session low after headwinds from pressures like lower oil prices, Chinese market volatility and lack of positive macroeconomic news. And Apple is one of many technology companies feeling the pain,” CNBC reports. “The S&P Tech Sector selloff, which trails only the energy sector in severity, marks worst week since Jan. 30, when the sector lost 4.11 percent. The majority of technology index components — more than 63 percent — are trading down more than 10 percent from yearly highs.”
Read more in the full article here.
MacDailyNews Take: YKBAID.
It’s a good thing to flush out those prone to panic.