Apple's stock drops to pull market cap back below the trillion-dollar level

Shares of Apple Inc.

dropped 1.1% in morning trading, enough to pull the technology behemoth's market capitalization back below the trillion-dollar threshold. Apple closed with a market cap above $1 trillion the past two sessions--at $1.013 trillion on Wednesday and at $1.008 trillion on Thursday--the first back-to-back closes above the trillion-dollar threshold since Nov. 1. Apple's stock has to close at or above $221.28 to maintain the $1 trillion market cap level. It is currently at $996.

at $1.050 trillion. Microsoft's market cap has been above $1 trillion every day since June 7. The recent gains comes in the wake of Apple's iPhone launch event on Tuesday, with pre-orders for the new iPhone 11 now available. Apple's stock has climbed 13.6% over the past three months and Microsoft shares have tacked on 3.9%, while the Dow Jones Industrial Average DJIA, +0.22% has gained 4.4%.

Apple is overvalued.

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