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Apple (NASDAQ:AAPL) shares climbed more than 15% on Wednesday , snapping a four-session skid that wiped out $774 billion in market value and briefly knocked it off the top spot as the world's most valuable company.
The bounce comes after Apple's sharp 23% decline over the previous four trading days, its steepest such drop since 2000, and helped the iPhone maker reclaim the lead from Microsoft (NASDAQ:MSFT) in market capitalization.
The broader tech sector rallied despite mounting global trade tensions. China and the European Union unveiled new tariffs in response to recent U.S. measures, escalating fears of an extended trade war. Still, investors rotated back into tech, lifting the Nasdaq Composite by 0.4%.
Tesla (NASDAQ:TSLA) jumped nearly 3%, though the stock remains down more than 45% since President Donald Trump's inauguration. Nvidia (NASDAQ:NVDA) added about 2%, while Microsoft and Meta Platforms (NASDAQ:META) edged higher. Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOG) traded near flat.
Chipmakers, which have lagged over concerns that consumer demand could weaken if tariffs extend to their products, also rallied. While the latest tariff list excluded semiconductors, investors remain wary of potential future levies.
This article first appeared on GuruFocus.