Apple (AAPL) stock continues to take a battering along with the rest of the stock market, as part of a global financial meltdown caused by the coronavirus crisis.
On “Black Monday,” Apple’s stock price fell to $263.56 at the start of trading, after closing on Friday at $289.03. The downturn erased over $97 billion from Apple’s evaluation. The plunge was part of a wider fall in stock prices around the world, as investors continue to be concerned about the coronavirus outbreak, as well as an oil price crash.
Apple shares have recovered a bit overnight, based on premarket activity ahead of the opening of Tuesday’s trading session. Apple closed at $266.17 on Monday and has rallied a bit in the after-hours, with the price of Apple hovering at just above $276 at 8:00 A.M Eastern Time.
If that price holds on until the opening bell today, Apple will have recovered around two-thirds of the value it lost over the weekend, pulling within $120 of Friday’s closing price. If the stock holds on, it will mean it has recovered around 5% of its value overnight.
Monday’s plunge, dubbed “Black Monday” by some analysts, was part of a worldwide stock market plunge, as stock markets saw their steepest plunges since the 2008 financial crisis. (Via The Guardian) While the fall was mostly due to the coronavirus, an oil price crash has contributed to the financial plunge.
Trading on Wall Street was automatically halted within just a few minutes of the market’s opening on Monday, due to the huge loss in value in such a short period of time.