Shares of Apple Inc.
slumped 2.6% in premarket trade Tuesday, extending the previous session’s losses to a 4 1/2-month low and to put them on track to open in bear-market territory. Many on Wall Street define a bear market as a decline of 20% or more from a bull-market high. On that basis, Apple’s stock would be in a bear market with a close at or below $185.65, which is 20% below the Oct. 3 record close of $232.07. On Monday, the stock dipped below that threshold in intraday trade, but pared losses to close down 19.9% from its record close. Apple’s stock hasn’t been in a bear market since it came out of the last one on Aug. 15, 2016. Apple is the only FAANG stock that hasn’t already entered a bear market. Shares of Facebook Inc.
and Netflix Inc.
have been in bear markets since July 30, Amazon.com Inc.
has been in a bear market since Oct. 29 and Google parent Alphabet Inc.
closed in a bear market on Monday. Meanwhile, the Nasdaq Composite
closed Monday 13.3% below its Aug. 29 record close of 8,109.69 and the S&P 500
ended Monday 8.2% below its Sept. 20 record of 2,930.75.
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