Shares of Apple dropped more than 6% 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.
Thanks to the sudden drop, Apple also lost $180 billion in market value, the largest 1-day loss for any coampny ever, as Barron reports:
Apple stock slid 8% on Thursday, a rotten day for technology shares. That translated to a loss of roughly $180 billion in the iPhone maker’s market capitalization. It’s the largest one-day loss in value for any company ever, but still leaves Apple with a market cap of well over $2 trillion. Big numbers are fun.