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August 5, 2024 at 7:03 pm

$1 Trillion Wipeout: Market Rout Punishes Megacap Tech…

Stock_Market_Trader_gettyimages_Michael_M_Santiago
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by Rohan Goswami and Ari Levy at CNBC

  • The seven most-valuable U.S. tech companies lost a combined $1 trillion in market value at the start of trading on Monday.
  • The tech-heavy Nasdaq was down more than 3% following the index’s steepest three-week slide in two years.
  • Nvidia fell about 6% and Apple was down more than 4%.

As U.S. markets opened for trading on Monday, tech’s megacap companies lost about $1 trillion in market cap, deepening a downturn that sent the Nasdaq into correction territory last week.

Nvidia shed more than $300 billion in market cap at the opening bell, though it quickly recovered about half of its loss. Shares of the chipmaker closed down 6.4% for a loss of $168 billion. Apple and Amazon’s valuation plummeted $224 billion and $109 billion, respectively, at the market open. Apple ended down 4.8%, or $162 billion in market cap. Amazon dropped 4.1% at the close, or $72 billion.

Add all that to steep declines in Meta, Microsoft, Alphabet and Tesla, and the seven most-valuable tech companies lost $995 billion in the early moments of trading. They bounced back some as trading progressed.

Markets fell broadly on Monday as concerns about a recession stemming from disappointing economic data last week pushed Japan’s Nikkei 225 down 12% on Monday, its worst day since the 1987 “Black Monday” crash on Wall Street. Bitcoin plummeted 11%, leading a sell-off in cryptocurrency and related stocks.

Within technology,…

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