Apple Ends Lower as $3 Trillion Market Value Proves Elusive
- Shares fall 2.1% in biggest one-day decline since Nov. 26
- Both JPMorgan and CFRA raised their price targets on Monday
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Apple Inc. shares fell on Monday, with the iPhone maker retreating in the wake of a recent advance that brought it within striking distance of what would be a historic $3 trillion market valuation.
The stock closed down 2.1% at $175.74. This was Apple’s biggest one-day percentage loss since the broad market selloff on Nov. 26, and it resulted in a market capitalization of $2.88 trillion. The drop came during a broadly negative session for U.S. equities, with large-cap technology and internet stocks among the day’s notable decliners. Among other stocks, Amazon.com Inc. fell 1.5%, Alphabet Inc. lost 1.5%, and Nvidia Corp. sank 6.8%, the most since March.