Apple stock’s worst drop since October leads Big Tech slump

Apple stock’s drop led the largest technology companies lower in the first trading day of the year, suffering its worst decline in more than two months amid a broad market sell-off.

Image: Apple logoBloomberg News:

Shares of the iPhone maker fell as much as 4.5% on Monday, on track for its biggest drop since Oct. 31. Amazon.com Inc., Microsoft Corp., Alphabet Inc. and Facebook Inc. shares all fell at least 2.6%, compared with a 2.5% decline in the S&P 500 Index.

The U.S. equity market tumbled on Monday after ending 2020 at an all-time high. Technology megacaps including Apple and Amazon, which were among the top performers last year, were particularly hard hit in the sell-off, which was driven by concern that a surge in coronavirus cases could crimp the nascent economic recovery.

MacDailyNews Take: This too shall pass.

28 Comments

  1. When are these people going to figure out that Cases are not a death sentence, at this point, contrary to popular belief its not much worse than the flu, the only reason it looks that way is this laser focus on it. if that stopped, so would the perpetual panic..

    1. Useless: do you also believe the world is flat, the moon landing never happened, and 9/11 was an inside job?

      Covid is real, despite the fact that you’re a brainwashed trumper.

      1. Why would you make such specious comments? Over 99% of the people that contract COVID recover from it. There are two valid reasons why the death toll is so high – COVID is more virulent than the flu because we have yet to build up immunity to it like the flu and the incorrect reporting of COVID deaths.

        I believe the first commenter is correct in that people are living in fear because of the constant focus on it. Most people don’t live in fear of heart attacks, cancer, automobile accidents because there isn’t wall-to-wall coverage of it. You drive by a fatal car accident and you’ve forgotten about it by the time you hit your exit.

        If an airplane crashes, it suddenly strikes fear in people because of all the coverage despite the fact that air travel is extremely safe compared to driving.

        The FC didn’t say don’t wear masks, wash hands or take precautions – he only mentioned the unreasonable panic.

        And even if you do take all those precautions and hide in your home, it appears that COVID can find you there too as we sadly found out about Tanya Roberts and many people that I personally know.

        1. I believe part of the fear is not the death part of Covid-19 which may very well be not much different from bad flu years, but the conditions that remain when you recover. There is very little coverage about the long lasting, even permanent, physical effects of this pandemic for the people that recover.

        2. My fear would be the full hospitals that cannot take me in an emergency, like a bone fracture, because the 1% of C-19 patients who do need hospital care are taking up all the beds.

      2. One way to make people “dismiss” something is to combine/mix it with obvious things that can be dismissed. It worked. With UFO’s. UFO’s were either Venus or swamp gas or you were just not “trained enough” to tell a flock of birds from a physics defying flying object.

        “Flat Earthers” are obviously a joke just like “swamp gas”. So combining it with something the US government wants you to dismiss….like 911 for instance, is a great psychic hack on the general public.

        Ask yourself…..can a jet the size of a 747 fit in the small narrow hole in the pentagon? Can the wings crashing into that building leave NO MARK WATSOEVER?

        Can three steel buildings collapse due to a very low temperature fire. Try melting the common unstrengthened steel on your garden grill.

        1. Try stacking everything above the 94th floor of a World Trade Center tower on your garden grill and see if the combination of weight and heat doesn’t distort the steel.

    2. Case fatality rate for flu during 2019-20 season = 0.1%
      Case fatality rate for COVID-19 during 2020 = 1.77%

      Consistent with popular belief, something that is almost 18X more likely to kill you IS “much worse than the flu.”

      1. While the case fatality rate is different, the infection fatality rate is about the same. Most people who have the flu never show up to a hospital or doctor so it never becomes a “case”. We don’t have drive up testing for the flu either.

        Because COVID can have severe responses, even if not fatal, people are more likely to get tested and contact a physician which drives up the cases.

        1. By that reasoning the case count would be vastly inflated compared to the “common flu”. By that reasoning then the percentage deathsversus cases due to the related disease would be vastly lower than all the numbers say it is for COVID-19.

          Here’s an interesting question…
          Take the number of confirmed COVID-19 deaths in the U.S. and divide that number by the population of the U.S. Let’s call that resulting number “X”.
          Next
          Take the number of confirmed COVID-19 deaths in the rest of the world (excluding the U.S.) and divide that number by the population of the rest of the world (excluding the U.S.). Let’s call that resulting number “Y”.
          The question then becomes…
          Why is “X” 5.25 times that of “Y”?
          In other words, why are people in the U.S. dying at 5.25 times the rate of the rest of the world?

          1. “Why are people in the U.S. dying at 5.25 times the rate of the rest of the world?”

            It’s not difficult, Sunshine:

        2. The number of deaths is the same in both the infection fatality calculation and the case fatality calculation. That number is divided by the number of infections or the number of reported cases. By definition, every case is included in the infection number, but not every infection becomes a reported case. So, the infection fatality rate is always lower than the case fatality rate.

          For the case fatality rate in Covid-19 to be 18X higher than the rate for flu, but the infection rate to be the same, there would have to be a vastly higher proportion of unreported infections of coronavirus than influenza. As you yourself point out, most people don’t call the doctor for a mild case of the flu, while widespread testing is catching many coronavirus infections that are entirely asymptomatic. A higher number of cases for a fixed number of deaths translates into a lower fatality rate… yet the coronavirus rate is still 18X higher than flu.

          So, the chances are that the infection fatality rate for coronavirus is at least as much higher than flu as the case fatality rate is higher than flu. It’s hard to tell, since unreported infections are, by definition, not directly counted. We have antibody testing for coronavirus, but the infection rate for flu is basically guesswork.

          1. Western civilization had a nice run. The elites found a way to put the boot on the neck of society. Climate change didn’t work so they resorted to a virus that has 99+% survival chance.

            And subservient fools like you willingly lined up to be shackled and controlled – over, basically, nothing.

            Nursing homes, fat farms, smokers, and asthma sufferers should have been quarantined until a vaccine was developed. That alone would have saved many more lives. Pay only the vulnerable to be quarantined until a vaccine arrived. That alone would have saved a trillion or so dollars.

            Instead, idiots like Fauci killed the world economy and killed more people via depression, drug abuse, bankruptcy, and suicide than will ever be accurately reported.

  2. The fear of a “Biden economy” begins to set in.

    As if you didn’t get your fill of malaise under 8 years of Oblahblah. Hey, let try it with a corrupt, China-owned dementia puppet controlled by a socialist Headboard Harris.

    Can’t wait for the mid-terms!

  3. Want to save over 500,000 lives EVERY year then ban alcohol and tobacco. San Francisco has had over three and a half times as many drug overdose deaths as COVID deaths. Chicago had over 750 murders in 2020 which is within 80 of the COVID deaths in my county of over a million and a half people. COVID is killing a large number of people, but so are other personal choice causes that are much worse than COVID.

    1. We can’t stop every death, so don’t bother trying to stop any of them?

      Another issue: With murder and drug overdoses, the victims don’t spend weeks in the hospital, filling them past capacity and risking the lives of their caretakers. And for every person that dies of Covid, there are five that live – but have permanent lung or other damage.

    2. You’re right, but I don’t think human lives matter all that much to many people and anything that generates plenty of money is going to continue to exist. There are many happy people out there knowing that the elderly and minorities are dying and think it’s nothing to be concerned about. I’m sure as long as the wealthy Caucasians are surviving the pandemic, everything is just fine in America. They likely just consider CoViD-19 as culling the useless parts of the herd.

  4. It’s not a big deal. It should give smart investors a window to jump in and buy some shares. Apple has been up quite a bit this year and a small pullback isn’t going to matter in the long-term. I don’t know if this drop is considered a sign of weakness for the company, but I think Apple is going to have a fine holiday quarter and a strong 2021. I’m only a bit sad that Apple is not as strong as Tesla is. I figure that’s just due to Tesla having more room to grow and investors having plenty of faith in Elon Musk accomplishing much more for the company.

    I doubt the sell-off was due to CoViD-19 considering all the vaccines that are available now. There seems to be only a low mortality rate. Unfortunately, the U.S. is filled with self-righteous idiots always wanting to do their own thing and getting away with it. Laws in the U.S. are barely enforced, so almost no one takes them seriously. I would have thought that the U.S. would have gotten the virus well under control, but I was wrong. I have plenty of Lysol Spray, KN-95 masks, and Purell hand sanitizer. All that good stuff is readily available, so I don’t know why people aren’t using these things. I’m a senior citizen and don’t have a problem following the recommendations of the governor and the mayor of NYC.

    Anyway, I think Apple was down as much as it was because it was up quite a bit for the year. Apple stock being down for a day or two doesn’t matter when Apple is running on all cylinders.

  5. The reason that people aren’t making use of those things, and are disregarding public health advice, is that there has been a determined body of ignorant or malicious “experts” who have been minimizing the coronavirus since it emerged.

    As a result, we have hundreds of thousands of dead while Taiwan has a population-adjusted 11,000. They reacted fast and we didn’t.

    Israel has vaccinated 13% of its population while my county in Texas has vacinated 0.05%. They planned and we didn’t.

    1. Taiwan is lucky to be allowed to exist. China will take Taiwan and China’s little bitch Biden wouldn’t utter a peep lest the cash stop flowing through Hunter The Crackhead.

      The United States of America has a real Constitution and U.S. citizens have God-given rights.

      The lawsuits from these needless, unending authoritarian COVID lockdowns in Democrat-destroyed states will continue for years and they will be won. I hope the end result bankrupts some states to the point where their voters finally realize that voting for Democrats is a recipe for disaster.

      Taiwanese are tracked like animals on a game farm. Their health records are in government hands and the government uses them to track citizens. That is how they identify, test, trace, and isolate COVID cases.

      Smart U.S. citizens will not allow themselves to be tracked like animals by the U.S. government. U.S. citizens have God-given rights that the Taiwanese simply do not have.

      Your little example ignores things like the major differences in right possessed by U.S. vs. Taiwan citizens. I assume this is because you actually do not value individual rights or freedom, but would prefer to be tracked like an animal for the official “good.” This is because you are a fool.

      1. You are right, Lawyer. I would rather for me and my family to be alive in a free, prosperous society like Taiwan with a functioning health delivery system that can keep its citizens safe, rather than dead in a country where the government doesn’t place the health, safety, and welfare of its citizens as a higher priority than the “right” to congregate maskless in bars.

        Steps far less draconian than those applied in Asia could have saved a lot of lives here, but our government and those who supported it refused to take the elementary steps of wearing masks, washing their hands, and avoiding crowds. So, we are where we are today, with hospitals in some cities preparing to start “case management” policies, triage measures indistinguishable from the “death panels” that Obamacare was supposed to bring about, but didn’t.

        The lives of 352,000+ dead Americans should be on your conscience (if any).

  6. The United States has a child mortality rate of 6.5 per 1000 live births. The rate in Taiwan is 3.8. Taiwan’s maternal mortality rate is 16 per 100,000 live births. In the US states of Louisiana and Georgia, it is over three times higher.

    This is the greatest country on earth. We should do better. Only a lack of leadership on health policy, driven by the fear of “socialized medicine,” keeps our citizens from being as safe as folks in Third-World countries.

    There is nothing that requires us to live free AND die. They should be alternatives.

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