Apple Stock Heads for Worst Day Since Covid-19 Crash

Group 1 - Apple Inc (NASDAQ:AAPL) experienced a significant decline of 8.9%, trading at $203.94, following President Trump's announcement of sweeping tariffs, which could result in $39.5 billion in tariff costs for the company [1] - BofA Global Research has reduced the stock's price target from $265 to $250, while Trump acknowledged Apple's plan to invest $500 billion in the U.S. over the next four years, which may help the company secure a tariff exemption [2] - AAPL is currently at its lowest trading level since August and is on track for its largest single-day percentage drop since March 2020, with an 18% decline since the beginning of the year [2] Group 2 - In today's options market, there has been a notable increase in trading volume, with 428,000 calls and 453,000 puts exchanged, which is double the typical volume for this time [3] - The most popular options contract expiring tomorrow is the weekly 4/4 200-strike put, followed by the 210-strike call in the same series [3] - The popularity of puts has increased, with AAPL's 10-day put/call volume ratio at the International Securities Exchange, Cboe Options Exchange, and NASDAQ OMX PHLX being higher than 90% of annual readings [4]