Apple suffers decline in market value
Youths Digest – Apple’s market value fell below US$1-trillion as trading opened on Monday, leaving Microsoft as the only US stock above the 13-digit threshold.
Apple shares fell as much as 4.9% at 9.40 am in New York, bringing the iPhone maker’s market value to about $960-billion.
In the wake of coronavirus pandemic, 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.