Shares of Apple dropped more than 5% Thursday, 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 4%.
Alphabet, Netflix and Amazon were each down more than 3%. 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. Apple stock surged through the Covid-19 pandemic. Shares have risen nearly 70% year to date and the company surpassed a $2 trillion market cap.