Apple market value dips below $1 trillion for first time since October

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Apple Inc. shares are down 5.6% in Monday trading, putting the company on track to end the session with a market value below $1 trillion for the first time since Oct. 8. The company’s intraday market value stands at $961.8 billion, according to FactSet data. Instinet analyst Jeffrey Kvaal reduced his price target on Apple’s stock earlier in the day, writing that the company faces severe demand issues due to the outbreak of COVID-19, the disease brought on by the novel coronavirus. For Apple to close with a market value below $1 trillion, its stock has to end the day below $228.54. Microsoft’s market value remains above the trillion-dollar mark, at $1.04 trillion Monday morning. Apple’s stock has lost 30% over the past month, as Microsoft’s has decreased 24% and the Dow Jones Industrial Average has declined 36%.

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