What you need to know
- AAPL has seen more losses today.
- It's currently around 3% down and at around $220 per share.
- That means Apple is no longer a trillion-dollar company.
It's been another bad day for AAPL, and it's only a few hours old. At the time of writing Apple stocks had seen a 3% fall, leaving them valued at around the $220 mark. That, in turn, means that Apple can no longer call itself a trillion-dollar company with Wall Street increasingly concerned about coronavirus.
This also now means that Microsoft is the one remaining US company that retains its $1 trillion valuation.
This, of course, isn't just a problem faced by Apple. Since the opening bell, we've been seeing stocks take a fall all over the technology sector. The S&P 500 has even managed to lose everything that it was able to gain since President Trump took office.
BREAKING: S&P 500 has erased all of its gains since President Trump's inauguration https://t.co/DbN3KVGJ9J pic.twitter.com/JlHIQWbM0zBREAKING: S&P 500 has erased all of its gains since President Trump's inauguration https://t.co/DbN3KVGJ9J pic.twitter.com/JlHIQWbM0z— CNBC Now (@CNBCnow) March 23, 2020March 23, 2020
Apple currently has all of its stores closed – outside of Great China, at least – in an attempt to help slow the spread of coronavirus. That will have an impact on its revenues, although that is very much to be expected in the current climate.
There's no telling where the stocks will go from here, although south is a fairly good bet. The ongoing uncertainty surrounding coronavirus has seen technology stocks take a real hit of late, and there appears to be no sign of that stopping for some time yet.
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Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.