The world’s largest technology companies have lost more than $ 1 trillion in just three trading sessions.
Shares have generally sold off since the Federal Reserve raised its key interest rate on Wednesday, but the technology has endured more pain than other sectors of the economy. Investors now have less interest in what has driven the business during a strong bullish market in recent years, including during the pandemic, and are now turning more money to safer pockets in the market, including key products like Campbell Soup. General Mills and JM Smucker.
Lost market capitalization in the last three trading sessions.
Apple, the world’s most valuable public company, lost $ 220 billion since the close of trading on Wednesday, the day Fed Chairman Jerome Powell announced that inflation was too high and that there were no plans to raise interest rates more than half a percentage point.
Markets rose first after Powell’s comments, but optimism dissipated in the following days. Shares fell on Thursday, fell again on Friday and then even lower on Monday. The US stock index S&P 500 fell below $ 4,000 on Monday, falling 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 lost about $ 189 billion in value.
- Tesla’s decline was $ 199 billion, months after seeing its valuation fall below $ 1 trillion.
- Amazon’s market capitalization fell by $ 173 billion.
- Alphabet, Google’s umbrella company, costs $ 123 billion less than last week.
- The loss of graphics card maker Nvidia is $ 85 billion.
- And Meta Platforms, Facebook’s mother, has lost $ 70 billion.
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