Apple lost just under $180 billion in market value Thursday, plunging eight percent, the largest one-day loss ever recorded by an American company.
Stocks suffered their biggest one-day pull-back since March after investors dumped shares in tech giants, including Apple and Facebook, and data suggested a long and challenging road to economic recovery ahead.
The three main indexes all slumped throughout the day. The Dow Jones Industrial Average fell 2.8% to 28,292.73. A day earlier, it crossed 29,000 for the first time since February. The S&P 500 index lost 125.78 points to close at 3,455.06. The technology-heavy Nasdaq dropped 598.34 points to 11,458.10.
In August, Apple became the first U.S. company to boast a $2 trillion market value, just two years after it became the first to reach $1 trillion.
But Wall Street’s unloading of technology shares on Thursday ended with Apple plunging 8 percent. Amazon lost 4.6 percent, and Facebook gave back 3.8 percent.
Even with Thursday’s losses, Apple is still up 64.7 percent for the year, and Amazon is up 82.3 percent. Zoom’s gain for the year is always a whopping 460.4 percent.