As technology share prices take a beating, the new market reality is reflect in Apple losing its spot as the world's most valuable company with oil giant Aramco reclaiming the title.
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Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco’s at the start of this year. Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. In fact since the Fed hiked rates, the iPhone maker has lost $200 million in market cap.
Tech index Nasdaq 100 has lost 24% in the year so far as the central banks end their ultra-easy money policy. Meanwhile, the S&P 500 Energy sector has soared 40% this year, as oil prices have rallied from $75 to $110 this year.