On Thursday, many other U.S. equities fell along with the shares of significant technology companies as a result of Bank of America analysts downgrading Apple’s value.

As investors moved away from growth and into more defensive assets to deal with rising interest rates and prepare for a potential recession, tech stocks have been pushed lower all year.

On Tuesday and Wednesday, the tech-heavy Nasdaq Composite increased, but the buying came after the worst two weeks since the start of the Covid epidemic. The Nasdaq experienced its worst one-day decline since September 13 on Thursday, falling 2.8%, signalling the return of the bearish trend. The S&P 500 as a whole dropped 2.1%.

In a break from the majority of experts surveyed by FactSet, Bank of America analysts led by Wamsi Mohan revised their rating from buy to neutral, causing Apple shares to drop by close to 5%.

The experts highlighted a number of dangers, including one related to the iPhone 14 that Apple unveiled this month: a weaker buying cycle. According to a story from the day before, Apple had abandoned its intention to increase iPhone production by 6 million units in the second half of the year.

The value of Apple stock has decreased by 20% since the end of 2021, while the Nasdaq has decreased by 31% during the same time period.

Microsoft suffered the least damage out of the biggest market valued technology corporations. It nevertheless closed at a 52-week low after Thursday’s trading session, which saw a loss of around 1.5%. With a 2.6% decline, Google parent Alphabet also experienced a 52-week low. Amazon fell 2.7%, Tesla fell 6.8%, and Meta Platforms, the company that owns Facebook, had its share price fall 3.7%.

Smaller, more rapidly expanding internet firms also suffered, with Coinbase falling by over 8% after Wells Fargo started covering it with an underweight rating. Shopify dropped 8.45%, Rivian dropped 7.9%, and Roblox dropped 7%.