Coronavirus continues to cause absolute chaos as far as Wall Street is concerned. Today is the second day that trading has been halted amid tumbling numbers. But before that could happen Apple saw its shares collapse – at one point they were almost 14% down.
Things settled around 12%, but even that is considerably worse than previous falls in price. The reasons for that are many, but they all come back to coronavirus.
All tech stocks are performing poorly right now as the world comes to terms with coronavirus and the impact it’s having on lives and businesses. Apple in particular has closed all of its worldwide Apple Stores, save those in Greater China, in an attempt to help arrest the spread of the virus.
Whether that’s helping is open for debate, but it will most certainly be impacting Apple’s revenue. And as a result, it’s impacting its share price.
But again, Apple isn’t alone here but is rather the one that everyone looks to first. AAPL had been on a huge rush for months, so the latest falls are more pronounced. It’s certainly no indication of the company’s performance as a whole, except for the fact it can’t sell through as much product due to the Apple Store closures.
Those stores are expected to be open once more as of March 28, although that’s certainly fluid at this point. Who knows what state the world will be in by that point.
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