Apple’s market value fell below $1 trillion as trading opened Monday, leaving Microsoft as the only U.S. stock above the 13-digit threshold.
Apple shares fell as much as 4.9% at 9:40 a.m. in New York, bringing the iPhone maker’s market value to about $960 billion. In the wake of coronavirus, the company has been hampered by supply-chain worries in China and has closed stores around the globe. The stock briefly dipped below the $1 trillion level in the final minutes of trading on Friday, before paring losses to close just above it.
Apple shares have lost 25% this year as the spreading coronavirus roiled global markets and curtailed economic activity. Microsoft has fallen 14%, putting its market value at $1.03 trillion.
©2020 Bloomberg L.P.