Employees using face masks stand outside the Apple store at the Fate U.S.A. shopping center throughout the resuming, as the coronavirus illness (COVID-19) restrictions are relieved, in Syracuse, New York City, U.S., July 10, 2020.
Maranie Staab|Reuters
Apples drop is joined by its tech peers. Microsoft and Facebook dropped more than 5%. Alphabet, Netflix and Amazon were each down more than 5%. The S&P 500 tech sector traded 5.6% lower and was on track for its most significant one-day decline given that June 11, when it fell 5.8%..
Apple stock rose through the Covid-19 pandemic. Shares have actually increased nearly 70% year to date and the company exceeded a $2 trillion market cap..
Shares of Apple dropped more than 6% Thursday afternoon, putting its stock on pace for its worst day given that March 16, when it plunged 12.9%.
The drops come after a massive rally among tech stocks in current weeks following strong second-quarter incomes reports.
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