Shares of Apple Inc. (AAPL) took a 3.8% dive in afternoon trading Friday, putting them on track for the biggest one-day drop in five months, as the technology giant contributed to the broad-market selloff. Apple's stock price decline of $12.30 made it the biggest drag on the Dow Jones Industrial Average , as it shaved about 83 points off the Dow's price, which was tumbling 588 points. Apple's selloff comes just two days after it closed at a record high of $324.34, after a big earnings beat ( ). What could be weighing on Apple's stock is the company's exposure to China, given concerns over the fast-spreading deadly coronavirus out of Wuhan, China. About 15% of Apple's total sales was derived from Greater China, according to Apple's latest quarterly filing with the SEC ( ). Apple's stock is headed for the biggest one-day percentage decline sine it fell 4.6% on Aug. 23, 2019, which was the day the Dow tumbled 623 points.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 31, 2020 13:54 ET (18:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.