The world’s largest technology companies have lost more than $1 trillion in value in just three trading sessions.
Stocks have generally sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has suffered more than other sectors of the economy.
Investors are now less interested in what drove the business during a strong bull market in recent years, even during the pandemic, and are now pumping more money into safer pockets of the market, including staples like Campbell Soup, General Mills and JM Smucker.
Lost market capitalization during the last three trading sessions.
Apple, the world’s most valuable public company, has lost $220 billion since the close of business on Wednesday, the day Fed Chairman Jerome Powell declared that inflation was too high and there were no plans. for a rate hike of more than half a percentage point.
Markets rose first on Powell’s comments, but optimism faded in the days that followed. Stocks were down on Thursday, down again on Friday, and then down even more on Monday. The US S&P 500 stock index fell below the 4,000 mark on Monday, having declined 7% from Wednesday’s close, while the Invesco Nasdaq 100 ETF fell nearly 10% over the same period.
Here are the other big losses in the last three trading days:
- Microsoft has lost about $189 billion in value.
- Tesla’s downgrade is recorded at $199 billion, months after seeing its valuation fall below $1 trillion.
- Amazon’s market capitalization has decreased by $173 billion.
- Alphabet, Google’s umbrella company, is worth $123 billion less than last week.
- The loss of the graphics card manufacturer Nvidia amounts to 85,000 million dollars.
- And Facebook parent Meta Platforms has lost $70 billion in value.
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