Apple Stocks Plunge 10% amid Signs of Slowdown

NEW YORK – Stocks of United States tech giant Apple fell 10 percent on Thursday in its worst day of trading in six years.

Wall Street’s tech sector dropped 5 percent, with Amazon, Facebook, and Alphabet registering drops of over 2.5 percent.

Amazon’s market capitalization ($733 billion) surpassed Apple’s ($674 billion) on Thursday, weeks after Microsoft ($747 billion) dethroned Apple as the world’s most valuable publicly traded company.

The Dow Jones Industrial Average, the main indicator of the New York Stock Exchange, declined 2.83 percent and lost 660.02 points to stand at 22,686.22, while the S&P 500 dropped 2.48 percent, or 62.14 points, to 2,447.89.

The tech-heavy NASDAQ Composite Index plunged 3.04 percent, or 202.43 points, to 6,463.50.

On Wednesday, Apple CEO Tim Cook announced the company would not meet its first-quarter revenue expectations due to China’s economic slowdown.

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