Transcript for Stock market sees huge drop amid fears of Apple slowdown
Now to Wall Street where markets are opening after another huge drop on Thursday. The Dow plunging 660 points after fears of a slowdown for apple. Our chief economic correspondent Rebecca Jarvis is tracking it all. Good morning, Rebecca. Good morning. Ah, one of the big reasons for that brutal day was apple. The stock was down almost 10% yesterday. That's the biggest drop in a single day in six years and keep this in mind, apple became the first public company to top $1 trillion, the most valuable in the world but not anymore. Since then the company has wiped out $325 billion in value and I want to put that amount into perspective. That is equal to two McDonald's, three Nikes or five general electrics. That's the equivalent of one of those companies or multiples of those companies just being wiped off the map because of what has happened to apple's stock. Keep in mind even if you've never bought a share of apple in your entire life, if you have a retirement account, chances are you do own it because it is one of the most wildly held stocks. It's in most mutual funds. If you have a 401(k) You probably own apple. I think we all own apple. Yes, we do. A jobs report later this morning. Can that show the real health of the economy. This is what everyone cares about, right, Michael? Some people have 401(k)s, retirement savings accounts. About half of Americans have any kind of money in the stock market right now. But jobs are key. They are fundamental. If you have a job, if your wages are rising that's what is on people's minds and that's what we'll get later today. Thank you so much, Rebecca. Now going to turn to that
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