In three trading days The world’s largest technology company has lost more than $1 trillion in just three trading sessions.
Since the Federal Reserve raised interest rates on Wednesday, stocks have generally sold off, but technology has suffered more than any other economic sector.
Investors have been less interested in what propelled business during strong bull markets in recent years, including during the pandemic. Instead, they are now pouring more money into the pockets of safer markets, including critical products such as Campbell Soup, General Mills, and J.M. Smucker. The world’s most valuable publicly-traded company, Apple is down 220 since its close on Wednesday, the day Fed Chair Jerome Powell said inflation was too high.
The market rose first after Powell’s comments, but the optimism faded in the following days. Stocks fell on Thursday, fell again on Friday, and were even lower on Monday. The US S&P 500 stock index slipped below 4,000 on Monday, down 7% from Wednesday’s close, while the Invesco Nasdaq 100 ETF fell nearly 10% over the same period.
Here are other significant losses from the last three trading days:
Microsoft lost about $189 billion in value.
Tesla’s decline was $199 billion, months after its valuation fell below $1 trillion.
Amazon’s market cap fell by $173 billion.
Alphabet, Google’s parent company, was down $123 billion from last week.
Graphics card maker Nvidia’s losses, were $85 billion.
And Meta Platforms, the parent of Facebook, has lost $70 billion.