Shares of Apple entered bear market territory Friday, dropping more than 21 percent from their April 28 high of $134.54. After shares plummeted almost 6 percent to close at $106 for the day, Apple joined nine other Dow components already in bear market territory: Proctor & Gamble, IBM, Exxon, Intel, Walmart, Caterpillar, United Technologies, Chevron, and DuPont.
U.S. stocks traded down more than 3 percent across the board Friday afternoon, with the Dow hitting a session low after headwinds from pressures like lower oil prices, Chinese market volatility and lack of positive macroeconomic news. Apple is one of many technology companies feeling the pain.
"China selling off, or China hitting an air pocket – that's a real thing," said Kevin Landis, FirstHand Capital Management CIO, on CNBC's "Closing Bell" Friday. "Ask anyone who's ever been there, there is this sort of recklessness that really is sobering, and you figure, they're going to drive into a ditch periodically. It looks like that's what's happening again right now."
Apple's stock price was modestly higher in after-hours trading.
"Apple has a lot of exposure there, and they've pinned a lot of their growth to that market and they're going to have to pull those expectations down a bit," Landis said. "I still think Apple's a growth story though. Still a really great, solid company. "
Along with Apple, tech blue-chip darlings like Facebook, which closed down almost 5 percent at a level 13 percent off its high, also fell victim to what looked to a forced sell-off, Landis said.
As it happens, the S&P Tech Sector, one of the largest sectors in the S&P 500, is the second-worst performing sector of the week, down 3.3 percent week-to-date, according to CNBC analysis.
The sector selloff, which trails only the energy sector in severity, marks worst week since Jan. 30, when the sector lost 4.11 percent. The majority of technology index components—more than 63 percent—are trading down more than 10 percent from yearly highs.
Of the 68 components, 43 are off more than 10 percent from their 52-week highs, with 19 tech companies in "correction" mode (between 10 and 20 percent off the year's high) and another 24 in "bear" mode, off more than 20 percent from their highs.
Indeed, just nine tech components are down less than 5 percent from their most recent 52-week highs: Alphabet's A and C class shares, credit giants Mastercard and Visa, domain company Verisign, software firm Citrix Systems, system design consultants TSS, financial services technology firm Fiserv and banking technology firm Fidelity National.
Here's a breakdown of the sector's most severe declines to the safest stocks this week: