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Apple stock on pace for worst day since mid-March

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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 dropped roughly 7% Thursday, putting its stock on pace for its worst day since March 16, when it plunged 12.9%.

Apple’s drop is joined by its tech peers. Microsoft and Facebook dropped more than 4%. Alphabet, Netflix and Amazon were each down more than 3%. The S&P 500 tech sector traded 5.6% lower and was on track for its biggest one-day decline since June 11, when it fell 5.8%. 

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. 

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