What you need to know
- Apple's stock price has tumbled in early trading.
- At the time of writing, it has fallen $20.50, more than 7.5%.
- The S&P 500 also fell as a whole in similar numbers, forcing trading to be temporarily suspended.
Apple's stock price has tumbled as much as 7.69% in early trading, wiping more than $20 off its share price.
The prospect of the stock rapidly falling was first evident in pre-market trading, where AAPL's share price was showing losses of 7.16%.
AAPL is down 7.16% in pre-market trading, could open as low as 255.80.— Stephen Warwick (@StephenWarwick9) March 12, 2020
At the bell, the entire S&P 500 tumbled by as much as 6.5 %, forcing a 15-minute temporary halt in trading:
As you can see from the graph above, AAPL dipped as low as $253.95 at 10:00 am ET. At the time of writing the share price has fallen by nearly 7.5%.
The only solace for Apple in the current situation is that all global markets are sliding in a similar direction.
In more encouraging news for Apple, earlier today Foxconn reported that its return to normal levels of production had "exceeded expectations". From that report:
Terry Gou Tai-ming, founder of Apple's major contract manufacturing partner Foxconn Technology Group, said on Thursday the resumption of production at its factories in mainland China had "exceeded expectations", following a prolonged halt owing to the coronavirus outbreak that has disrupted supply chains.
Recent reports early last week suggested that Foxconn was hoping to return to normal production this month, however, this latest report suggests it may already have achieved this goal. It had previously been forced to delay the return of its workers back in February and was even told it could not reopen by Chinese authorities.
As noted, trading was temporarily suspended after the S&P 500 slid more than 7%, upon reopening, declines were extended to 7.5%. The Dow has also plummeted by 9%, and most recent figures put the S&P 500 slide at more than 8%.
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