Apple’s ugly day wipes out $120 billion, spills over Big Tech

Apple Inc. shares buckled after a rare analyst downgrade exacerbated another wave of selling pressure that wiped out hundreds of billions of dollars in market value from the largest US technology stocks.

The iPhone maker dropped 4.9% after Bank of America cut its rating to neutral from buy, warning of weaker consumer demand for its popular devices. The selloff erased roughly $120 billion from Apple’s market capitalization.