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.
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.