Other events, including the war-like situation between the United States and Iran, the U.S. trade war with China, and the recent oil pricing battle between Saudi Arabia and Russia have all added to the trouble.
Microsoft Corporation (NASDAQ: MSFT), Apple Inc. (NASDAQ: AAPL), Google parent company Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), and Amazon.com Inc. (NASDAQ: AMZN) arranged to read “MAGA,” were hailed by President Donald Trump as the symbol of his campaign to “Make America Great Again.”
The company’s stock is relatively higher because some of its cloud-based products, especially telecommute app Teams, have seen a tremendous surge in usage due to the lockdowns imposed by authorities across the globe.
Apple closed at $254.29 on Tuesday, down about 13.4% since closing 2019 at $293.65.
The company’s shares have dropped significantly as both the company’s supply chain and demand have been impacted by the outbreak.
Apple downgraded its expectations for the first-quarter earnings as the coronavirus spread in China, and the business was further impacted when the consumer electronics company had to shut down all of its stores globally outside of China due to the pandemic.
The stock is up about 5.5% since December 31’s closing price of 1,847.84.