Apple Inc. (NASDAQ:AAPL) Stock Correction Might Have BegunAuthor: Aman JainLast Updated: May 29, 2020 Apple Inc. (NASDAQ:AAPL) shares continue to decline breaching several key levels, along with making investors worried. The stock lost $2.53, or 2.1 percent to $120.06 on Thursday, hitting their lowest closing in the last five months.Is it a correction?Investors are concerned that a slowdown in the Chinese economy may impact the demand of high-priced phones in the region. That would not be good news for Apple, for whom China is its biggest market. Though the firm is entering other product segments like Watch, Apple Pay and Music, it still is heavily dependent on iPhone for revenue. For the iPhone it is dependent on China as developed markets saturate.“Greater China has provided over half of Apple’s recent revenue growth at Apple at an above-average corporate margin,” notes UBS analyst Steven Milunovich.Even though the investors in the tech stock are used to volatility, but Apple’s recent decline has caught the attention of many as now the shares the down over 10% from their all-time of $134.54 hit on April 28. Also, many experts are terming it as correction and not just “trading noise,” says a report from Market Watch.Apple investors worried?Though the overall market sentiment is negative with Standard & Poor’s 500 down 1%, for Apple it’s something more. Stock is down over 5% in the past month. The recent decline in the stock has also breached the long standing range of $122.91 and $134.54 in which the stock has been trading for the past 80 trading days, says the report. Many would have thought that Apple would breach the range from the top, but seeing it below the range might have scared a few investors.Also, the recent decline in the stock has been quick and without warning, causing many investors to panic. Almost $80bn of the market cap has been wiped off by this recent decline. That’s more than the market value of the 441 stocks on the S&P 500, S&P Capital IQ notes.Prior to the decline, Apple stock was up 21% this year hitting new intraday highs in April, but now it’s up around 7%. The stock has been on a decline for the past five days. It’s certainly not the best time for the investors as the market is in turmoil by Greece debt crisis and uneven Chinese market. If the decline persists in Apple stock, there are chances it could trigger a sell-off as the stock is widely held by individual investors.