Apple's stock just had its worst-performing day since March

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Apple Store logo (Image credit: iMore)

What you need to know

  • Apple's stock sunk over eight percent on Thursday.
  • It was the worst-performing day since March.
  • Speculation points to a profit grab by investors.

Apple just had its worst day on the stock market since March of this year. Reported by CNBC, shares of Apple stock closed down 8.01% on Thursday, its worst day since it dropped 6.35% on March 20th earlier this year.

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%.

According to a report by Marketwatch, tech stocks led the DOW to a drop of more than 800 points. Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, believes that the hit on tech stocks is due to a profit grab by investors.

"In the absence of a specific catalyst, it's easy to classify today's swoon as profit-taking ... noting that the "most-loved" parts of the market — the technology, consumer discretionary and communications services sectors — sold off the most.

Esty Dwek, head of global macro strategy for Natixis Investment Managers, was also not alarmed, saying that the industry was due for a correction after a surge in performance over the last few months.

"Tech stocks, and the overall market, hadn't really had a bad day since June, so this is a healthy breather. It was never just going to be a straight line up. But the long-term structural support for technology has not changed and support for equities has not either."

The stock has dipped slightly lower in after-hours trading to $120.04 per share as of 5:30 PM EST.

Joe Wituschek

Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.