The six largest tech stocks by market capitalization lost more than $1 trillion over the last 3-day trading sessions
Apple, which hit a $2 trillion market cap on August 19, has lost about $325 billion in that time period. Microsoft plunged by $219 billion in value, Amazon also dropped $191 billion, Alphabet fell by $135 billion, and Tesla, lost more than 20% on Tuesday to mark the worst single-day loss in its history, down by $109 billion in the last three days.
Not forgetting Facebook, down by $89 billion.
READ: NASDAQ down 2%, Tesla loses over 12%
Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics gave insights on the high sell-offs recorded in the NASDAQ Index by saying;
“The US dollar strength is likely the major macro disrupting equity markets. Weaker US equities have been helpful to the USD of late, suggesting the greenback still had a safe haven appeal among global investors despite the political tensions rising from U.S congress of late.
READ: Global Stocks rise higher, on positive Chinese manufacturing report
“I think many folks were pinning hopes that the US dollar rally and NASDAQ correction was probably done. Obviously, that was wrong.
“The slump in the British Pound and crude oil got the US dollar rolling again. These days the stronger US dollar has been acting like a wrecking ball across many assets, leaving a swath of carnage in its wake.
“In Asia, stocks look set to slide after ponderous losses on Wall Street sparked another wave of tech sector declines. Simultaneously, energy stocks tracked a sharp drop in crude prices amid signs of faltering demand.
Download the Nairametrics News App
“Indeed, we are bearing witness to the most unvirtuous circle of events in some time as everyone seems to be running for cover, but sadly for the weaker Tech longs, most shelters are full after last weeks’ beat down.”