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Apple leads big-tech slump with worst drop since October

Jeran Wittenstein
Bloomberg

Apple Inc. led shares of the largest technology companies lower in the first trading day of the year, suffering its worst decline in more than two months amid a broad market sell-off.

Shares of the iPhone maker fell as much as 4.5% on Monday, on track for its biggest drop since Oct. 31. Amazon.com Inc., Microsoft Corp., Alphabet Inc. and Facebook Inc. shares all fell at least 2.6%, compared with a 2.5% decline in the S&P 500 Index.

The U.S. equity market tumbled on Monday after ending 2020 at an all-time high. Technology megacaps including Apple and Amazon, which were among the top performers last year, were particularly hard hit in the sell-off, which was driven by concern that a surge in coronavirus cases could crimp the nascent economic recovery.

Apple was the best performing-stock in the group in 2020 after growing optimism about device and services sales helped fuel a December surge that cemented its lead over Amazon with an 81% gain. Amazon ended the year with a 76% gain.