Apple drops 4% after notching best day since 1998

Apple shares declined more than 4% Thursday, giving back some of Wednesday’s gains that pushed the iPhone maker to its best day since January 1998.

The technology giant, down 13% so far this month and down 23% since the start of 2025, surged more than 15% Wednesday after President Donald Trump announced a 90-day pause on some tariffs and dropped the tariff on most countries to 10% to allow negotiations.

The news spurred a widespread market rally that pushed the Nasdaq Composite to its second-best day ever and biggest one-day gain since January 2001, while the S&P 500 recorded its third-biggest gain since World War II. The tech-heavy index was last down more than 3% as markets reversed course.

Tesla dropped 6%, while Meta Platforms and Nvidia declined about 4% each. Microsoft, Alphabet and Amazon were last down about 2% each.

Semiconductor stocks reliant on production and manufacturing outside the U.S. also slumped, with the VanEck Semiconductor ETF shedding nearly 5% after a 17% gain and its best session ever. While the sector has been excluded from the recent tariffs, chipmakers have sold off on fears that tariffs will eat away at demand and hurt the economy. Targeted tariffs also remain on the horizon.

On Semiconductor, Marvell Technology, Micron Technology and Apple suppliers Qorvo and Skyworks Solutions plunged more than 7% each. Advanced Micro Devices, Broadcom and Intel fell at least 5% each.

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