Shares of Apple Inc. shed 2.81% Friday in a broad market downturn sparked by Brits voting to leave the European Union, or Brexit for short. The selloff was part of a general panic among investors concerned about what Brexit will do to the global economy.
As such, $AAPL’s downturn had little to do with Apple, or even Apple’s business in the UK or the EU. Instead, it’s Wall Street and other financial markets around the world have taken a sell-now and figure-it-out-later approach.
Shares of $AAPL ended the day at $93.40, down $2.70 (-2.81%), on heavy volume of 75.2 million shares trading hands. That’s better than the market as a whole, however; the DOW closed at 17,400.75, down 610.32 (3.39%), while the NASDAQ ended the day at 4707.98, down 202.06 (-4.12%).
Economists and others have predicted a major hit to the global economy if Brexit won the referendum, which it did, meaning now it’s simply a matter of seeing what actually happens. The political fallout of Brexit will be intense, and doing business in Europe just got substantially more complicated.
For some wretched lols on this subject, check out Buzzfeed‘s story about the Brits who voted for Brexit because they didn’t think they’re votes mattered. The kicker is that now they’re concerned.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.