Apple’s trillion-dollar market cap could be at risk as the share price continues to be under pressure on concerns over the economic fallout of the spreading COVID-19 coronavirus pandemic.
Although it feels longer than it’s actually been, it was just a few weeks ago that we reported that shares of Apple Inc. rose $6.65, or 2.09%, to $324.34, to hit a new all-time closing high. During trading on that day, January 29, 2020, Apple also reached a new all-time intraday high of $327.85 and the company’s market value hit $1.422 trillion.
Technology stocks have been among the hardest hit in the market sell-off, with investors fretting over the impact to both demand and supply chains. The rout continued on Thursday after an address from President Donald Trump failed to assuage concerns about the government’s response to the outbreak. Shares of Apple fell as much as 9.1% while Microsoft dropped as much as 7.8% before paring their declines.
With the stocks down more than 20% from their February peaks, investors in Apple and Microsoft have seen their market value fall to about $1.1 trillion for each, down from more than $1.4 trillion just a few weeks ago.
MacDailyNews Note: The sell-off has already removed two members from the trillion-dollar club: Amazon currently has a market cap around $858 billion and Google-parent Alphabet’s value is below $800 billion.