Mubasher: Top five US technology giants got hammered significantly during the current market turmoil, sending the Nasdaq down by around 5.7% since Monday.
Apple, Alphabet, Amazon, Microsoft, and Facebook posted a collective losses of $437 billion since hitting their 52-week highs, calculations by FactSet showed.
Alphabet’s shares topped the list with a $124.7 billion fall in market capitalisation, all of which started out following a disappointing earnings release back on Friday.
Apple came in the second place as its market cap dropped by 123.7 billion, while Microsoft’s market value went down $77.4 billion.
Meanwhile, Facebook and Amazon slipped $62.6 billion and $48.4 billion, respectively, reversing the previous week’s gains achieved in the light of better-than-expected financial results.
Global markets saw a tough corrective wave due to a sell-off in equities last week, with the US main index Dow Jones tumbling more than 1000 points, dipping below 24,000 level.
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