Coronavirus has hit Apple shares hard. Despite initially shrugging off the disruption of the outbreak, Apple is currently trading down more than 20% from its record record high.
That makes it one of the hardest hit stocks on the Dow Jones Industrial Average thanks to coronavirus.
Overall, the U.S. stock had a disastrous Thursday as it fell into correction territory, largely due to worries about coronavirus. A correction is defined as a 10% decline in one of the major U.S. stock indexes from a recent 52-week high close.
Apple loses one-fifth of its market cap due to coronavirus fears
One of the reasons for the decline in Apple’s share price is because of its reliance on China. This is where the impact coronavirus has so far been felt most strongly. Apple supplier Foxconn recently said that it expects its full-year 2020 revenue to take a hit as a result of the outbreak of coronavirus in China. Apple has also pulled its previous forecast for fiscal second quarter earnings as a result of the virus. This is only the second time in 15 years that Apple has done this.
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