Apple (NASDAQ:AAPL) stock has been freefalling since mid-February due to the growing coronavirus risk. On March 12, the stock fell by 9.88% and closed the trading day at $248.23. The downturn in the stock is the result of the economic fallout due to the coronavirus pandemic. On Thursday, the broader markets also plummeted, which left jittery investors in a panic. The Dow Jones Industrial Average fell by over 2,300 points or 9.99%. Notably, the Dow Jones hit the lowest level since June 2017. The S&P 500 and Nasdaq fell 9.5% and 9.4%, respectively, on Thursday.
At yesterday’s closing price, Apple stock was trading around 24.3% lower than its new 52-week high of $327.85. Also, the stock is trading about 45.8% higher than its 52-week low of $170.27.
Apple’s market capitalization
As of Thursday, the market value of Apple stock was around $1.09 trillion. Apple is one of the most valuable companies in the world. However, the company’s market value has declined significantly from last month. As of February 12, Apple’s market cap was nearly $1.4 trillion. The value has also declined since the beginning of the year due to fears about the coronavirus. The company’s market capitalization was $1.29 trillion as of December 31, 2019.
Microsoft (NASDAQ:MSFT), another trillion-dollar value software company, has also lost significant value due to the coronavirus. Currently, Microsoft has a market value of $1.06 trillion. Amazon (NASDAQ:AMZN) and Google-parent Alphabet (NASDAQ:GOOGL) aren’t in the trillion-dollar club anymore. While Amazon has a market capitalization of $834.6 billion, Alphabet has a value of $765.1 billion as of Thursday.
I think that Apple might lose its market value soon due to the increasing coronavirus outbreak.
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View more information: https://marketrealist.com/2020/03/is-apple-stock-close-losing-trillion-dollar-value/