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 nearly 7% Thursday afternoon, 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 5%. Alphabet, Netflix and Amazon were each down more than 5%. 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.