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04.09.2020

Apple stocks shed 8% on Wall Street tech plunge

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Shares saw the worst single-day percentage decline since mid-March

Stocks impacted: Apple Inc. (AAPL)

Overnight, investors proceeded to profit-taking ahead of fresh economic data out of China due next week. The US tech stocks were the biggest losers after a strong rally that has led to an overheated market. As a result, after hovering at record highs during the week, Apple shares plunged 8% during yesterday’s session on Wall Street. In other words, the stock lost over $179.92 billion. It was the worst single-day percentage decline since March 16, when the shares shed nearly 13%. The company’s falling share price amounted to the biggest market cap drop for a U.S. listed company ever. Just a couple of months ago, Apple became the first U.S. company to register the $2-trillion market capitalization. As a reminder, on Monday, the giant saw a 4-for-1 stock split, the fifth since Apple became a publicly-traded company in 1980. As US stock index futures are getting positive on Friday, Apple shares could regain some ground during the upcoming session.

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