Apple’s stock AAPL, -0.19% finished down 11.2% on the week, its worst weekly performance since the week that ended March 20, 2020, according to Dow Jones Market Data. The stock declined 17.5% during that early-pandemic stretch.Shares in Google parent Alphabet GOOG, +3.84% GOOGL, +3.78% declined 10.1% during the week, their worst one-day percentage drop since that same March 20, 2020 week, when they fell 12.03%.
While Apple’s stock has fared better than that of Alphabet and other Big Tech peers, the company faces potential pandemic-related challenges owing to new COVID-19 setbacks at manufacturer Foxconn’s major facility. In addition, the realities of the current economic climate may be catching up to Apple, as Bloomberg News reported Thursday that the company had paused hiring in several areas unrelated to research and development.
Alphabet’s stock has declined 40% so far in 2022, while Apple’s is off 22% over the same span. The S&P 500 SPX, +1.36% is down 21% on the year while the Dow Jones Industrial Average DJIA, +1.26% is off 11%.
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Source: MarketWatch - 🏆 3. / 97 Read more »