(DCWatchdog.com) – Happening Now: It only took three days to wipe over $1 trillion in value from the “tech giants” of the stock market.
As CNBC is reporting, “The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.”
By way of example, “Apple, the world’s most valuable public company, has shed $220 billion in value since the close of trading on Wednesday, the day Fed Chairman Jerome Powell declared that inflation was running too high and that there were no plans for a rate hike more than half of a percentage point.”
But, it’s not just Apple.
Other well-known tech names that have taken a beating in the collapsing market include:
- Microsoft has lost $189 billion in value.
- Tesla has lost $199 billion.
- Amazon has declined by $173 billion.
- Alphabet, Google’s parent company, is down $123 billion.
- Facebook parent company Meta Platforms has lost $70 billion.
Financial analysts across the board say the worst may not be over as the market reacts simultaneously to rising inflation and rising interest rates, both of which are causing consumers to jettison discretionary spending.
Meanwhile, today the S&P 500 dropped more than 3% and ended at its lowest level since March 2021, closing below 4,000. The Nasdaq Composite plunged by 4.3%, and the Dow fell more than 650 points, or 2%, to settle at 32,245.70.
This is a breaking news report from the DC Watchdog.