Apple was the world's most valuable firm.
According to FactSet, the market value of the company was just under $2.43 trillion. Apple is now worth $2.37 trillion, after falling over 5% in the U.S.
Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a worsening economic environment. Since its peak on January 4, Apple has fallen by 20%.
The symbolic move shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.
The stock of the company is up over 27%. In March, the oil giant reported that its full-year profit more than doubled due to soaring oil prices.
Apple became the world's most valuable publicly traded company in 2020.
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