Turning to Apple as Stock Market Hits the Panic Button


Turning to Apple as Stock Market Hits the Panic Button

Apple is down on Monday but hasn’t taken out its February low. This action is constructive, but will it last and can the stock be a leader again?
March 9, 2020
Nearly every equity-related asset is being massacred on Monday but here is a bit of good news: Apple (AAPL) – Get Report isn’t making new lows on the day – at least, so far.

Shares are down about 6% to about $272. That’s up from the open and the day’s low, at $263.75 and $263, respectively. But more importantly, Apple didn’t take out the $256.37 low from Feb. 28.

Not that it makes the tech giant a screaming buy or means that the bottom is in, but many other stock investments – including the S&P 500, Dow Jones and Nasdaq – have taken out the February lows as investors hit the panic button.

Apple’s performance is significant. Not only does the stock still command a market cap in excess of $1 trillion, but it serves as an important asset from a psychological standpoint. Further, Apple was one of the first companies to warn about the coronavirus’s impact to its business. So it failing to make new lows on the decline is noteworthy.