Apple Losses Send Stock Into Correction With 11% Slump From Peak
- Selloff erases $300 billion in market value from company
- Facebook, Amazon are also falling more than 10% from peaks
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More bleeding in technology stocks pushed Apple Inc. into correction territory, making it the third of the five megacap tech companies to fall more than 10% from peaks earlier this year.
Apple fell as much as 3.1% on Monday amid another wave of selling in the shares of faster growing companies with higher valuations that are facing pressure from rising U.S. Treasury yields. The iPhone maker’s shares have now fallen 11% from a Sept. 7 record, erasing about $300 billion in market value.