AAPL lost 4.75% of its value on Monday, as fears over the coronavirus outbreak nearing pandemic levels continued to affect the stock market.
The World Health Organisation (WHO) has warned that the outbreak is now nearing the point at which it may be declared a pandemic. The latest WHO report says there were 156 new deaths and 715 new cases in the preceding 24 hours.
A pandemic is generally defined as a rapidly-spreading disease affecting a large number of people across international borders.
The coronavirus has rapidly spread within China. While there are still only a limited number of cases in other countries, there have been deaths in other regions, including Iran, Italy, and South Korea.
Confirmed cases have been found in the US, Canada, Asia, Australia, the Russian Federation, the Middle East, and Europe. A thousand hotel guests in the Canary Islands have been quarantined, due to a confirmed case of the coronavirus there.
Business Insider reports Apple was one of five tech giants to lose over $200 billion in value from their market caps on Monday. However, pre-market trading looks promising.
Microsoft also gave up nearly $60 billion, while Amazon and Alphabet’s market caps both shrunk by more than $40 billion. Facebook, the least valuable member of the group, surrendered more than $25 billion
However, the “big tech” quintet look set to regain ground — their stocks rose roughly 1% in pre-market trading on Tuesday.
While analysts and investors had believed the financial impact on Apple and other tech firms would be temporary, there is increasing nervousness among both groups.