Mega tech companies lose more over $1 trillion
The world’s largest technology companies had lost over $1 trillion in value in just three trading sessions, which had been announced on Monday. Stocks in general have sold off since the U.S. Federal Reserve increased its benchmark interest rate last week, but technology has undergone enormous loses than other sectors of the economy.
Investors nowadays have no interest like before, which led business to a strong bull market in recent years and also in period of the pandemic. They are now paying more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M. Smucker. The world’s most priceless public company – Apple, has lost $220 billion in value since the close of trading on Wednesday.
“The inflation was running too high and that there were no plans for a rate hike more than half of a percentage point.” Fed Chair Jerome Powell declared on the same day.
Markets first looked at Powell’s comments, but the optimism escaped in the following days. Stocks backed out on Thursday, fell again on Friday and then still lower on Monday. The S&P 500 U.S. stock index backed out 4,000 mark on Monday, having lowered by 7 per cent since Wednesday’s close, while the Invesco Nasdaq 100 ETF is lost nearly 10 per cent during the same period.
Here are some giant companies, that have big losses over the last three trading days:
Microsoft has lost around $189 billion in value.
Tesla’s markdown records $199 billion, months after seeing its rating fall below $1 trillion.
Amazon’s market capitalization has decreased by $173 billion.
Alphabet, Google’s umbrella company, is value at $123 billion less than it was last week.
Graphics card maker Nvidia lost $85 billion.
And Facebook parent Meta Platforms stood at $70 billion as a total loses.