Employees wearing face masks stand outside the Apple store at the Destiny USA mall during the reopening, as the coronavirus disease (COVID-19) restrictions are eased, in Syracuse, New York, U.S., July 10, 2020.
Maranie Staab | Reuters
Shares of Apple closed down 8.01% Thursday, the stock’s worst performing day since March 20 when it slipped 6.35%.
Apple’s drop is joined by its tech peers. Microsoft closed down 6.19% and Facebook dropped 3.76%. While Alphabet, Netflix and Amazon were each down above 4%. The S&P 500 tech closed down 5.8%, its biggest one-day decline since June 11 when it fell 6.3%.
The drops come after a massive rally among tech stocks in recent weeks following strong second-quarter earnings reports.
Apple stock surged through the Covid-19 pandemic. Shares have risen nearly 70% year to date and the company surpassed a $2 trillion market cap.