Apple stock falls into ‘correction’ territory as it leads the Dow’s losers

Shares of Apple Inc.
AAPL,
+0.91%
dropped 2.5% in afternoon trading Monday, enough to pace the Dow Jones Industrial Average’s
DJIA,
+0.98%
decliners, as they headed toward a three-month low. The technology behemoth’s stock has now shed 11.3% since closing at a record $156.69 on Sept. 7. Many on Wall Street define a “correction” as a decline of at least 10% to up to 20% from a significant high, while a decline of 20% or more is a bear market. While Apple’s stock is headed for a correction, the technology-heavy Nasdaq 100
NDX,
+0.88%
slumped 2.2% to trade 7.7% below its Sept. 7 record close of 15,675.77 and the Dow lost 320 points, or 0.9%, to fall 4.5% below its Aug. 16 record of 35,625.40. Apple’s stock would officially enter a bear market with a close at or below $125.35. Apple last entered a correction in March 2021, and a bear market in September 2020.