Apple re-entered bear market territory in the midst of Monday's market sell-off that was sparked by worries over an escalating trade war between the United States and China. Shares were down 5.81% on the day and are off roughly 20% from a high of over $233 in October.
Shares closed at $185.72 and continued to fall in after-hours trading. The S&P 500 fell 2.4% on the day and the Nasdaq dropped 3.4%.
Apple has been trying to regain its footing in China. In its most recent earnings, it posted revenue of $10.2 billion in the country for the first three months of the year, down 21% from a year earlier. On a call to discuss the results, CEO Tim Cook signaled that the worst may be over for the iPhone, its biggest profit generator, as Apple saw "improved trade dialogue" between China and the United States and "very positive customer response to the pricing actions we've taken in that market."
The latest round of tariffs between the two countries has taken a toll on Apple shares as well as those of companies that provide components for Apple products.
The drop also comes the same day that the Supreme Court ruled a group of iPhone owners who accuse Apple of violating US antitrust rules can sue the company.