Apple’s share price fell sharply after its earnings hit this afternoon. Shares dropped to an after market low of $119.96—about three minutes after the report hit—from a closing price of $130.75. A decline of that order, 8.3%, isn’t unheard of in after hours trading. But given that Apple is the world’s largest publicly traded company by market valuation, that equates to a gobsmacking $62 billion in value. (For comparison’s sake that’s more than the market value of asset management giant BlackRock or consumer products company Colgate-Palmolive.)
But don’t pity Apple, pity yourselves. Because Apple has the largest weighting of any company in the S&P 500 stock market index, pretty much everyone with an index fund has an overweighted position in the Cupertino tech giant. Today we are all Apple. And it hurts.