In the last few minutes of Friday’s session, Apple’s market value briefly fell below $1 trillion, a level it has stayed above since October. However, Apple shares pared their loss by the close, finishing the week again valuing above the $1 trillion-mark at $1.003 trillion. The technology company has been hampered by supply-chain worries in China amid the coronavirus outbreak.
Microsoft Corp., the only other U.S. member of the trillion-dollar club, has managed to cling on despite the historic market rout. The company’s shares are down 23% since virus concern gained steam in late February and it ended the week with a market value of $1.04 trillion. Apple has fallen 27% since February 21. Both stocks are still holding up better than the S&P 500, which is down 32% since reaching a record on Feb ruary19.
Coronavirus-related weakness has already evicted two names from the thirteen-digit club: Amazon.com Inc. and Google-parent Alphabet Inc. Both rose above the threshold earlier this year but fell back below $1 trillion in late February.