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AAPL share price tumbles in early trading

Tim Cook
Tim Cook (Image credit: Apple)

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%.

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At the bell, the entire S&P 500 tumbled by as much as 6.5 %, forcing a 15-minute temporary halt in trading:

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Aapl

Aapl (Image credit: iMore)

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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Stephen Warwick
Stephen Warwick

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple.