Apple leads Big-Tech slump with worst drop since November

Shares of the iPhone maker fell as much as 4.5% on Monday before recovering some of the losses to close down 2.5% at $129.41.
By BLOOMBERG
| Updated on Jan 05 2021, 08:03 AM IST
FILE PHOTO: FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo/File Photo
FILE PHOTO: FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo/File Photo (REUTERS)

Apple Inc. led shares of the largest technology companies lower in the first trading day of the year, suffering its worst decline in more than a month amid a broad market sell-off.

Shares of the iPhone maker fell as much as 4.5% on Monday before recovering some of the losses to close down 2.5% at $129.41. The decline was the biggest since Nov. 23. Amazon.com Inc. and Microsoft Corp. both fell more than 2%, compared with a 1.5% decline in the S&P 500 Index.

The U.S. equity market sank on Monday after ending 2020 at an all-time high. Technology megacaps including Apple and Amazon, which were among the top performers last year, were particularly hard hit in the sell-off, which was driven by concern that a surge in coronavirus cases could crimp the nascent economic recovery.

Apple was the best performing-stock in the group in 2020 after growing optimism about device and services sales helped fuel a December surge that cemented its lead over Amazon with an 81% gain. Amazon ended the year with a 76% gain.

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First Published Date: 05 Jan, 08:03 AM IST
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