Apple Inc. (AAPL, Financial) saw its stock drop nearly 4%, closing with a market capitalization below $3 trillion at $2.92 trillion. Initially, Apple's shares rebounded following President Trump's temporary exemption on tariffs for electronic products. However, Trump's subsequent clarification and initiation of a semiconductor import investigation renewed tariff concerns, applying downward pressure on Apple's stock.
This market volatility for Apple began with Trump's tariff announcement on April 2nd, which included a global “reciprocal tariff” plan. Last week, Trump paused this plan for 90 days, which was well-received by Apple investors, leading to a stock surge. Following this, the U.S. Customs and Border Protection announced exemptions for consumer electronics, including almost all Apple products. Yet Trump later indicated these exemptions were temporary, causing Apple's stock to fluctuate significantly.
Apple's market cap briefly fell to its lowest in nearly a year, below $2.6 trillion, evaporating over $770 billion in value. It then surged back above $3 trillion, but fell again under tariff pressure. Despite this, Apple remains the world's highest-valued company, slightly ahead of Microsoft, valued at $2.76 trillion.
