Giant technology companies suffered huge losses after the US Federal Reserve announced that it increased interest rates to fight inflation. After three trading sessions, a total loss of over $1 trillion emerged.
The market values of technology companies are bleeding
The Federal Reserve (FED) announced high inflation last Wednesday, raising the benchmark interest rate by 0.5%. The market capitalization of Apple, the world’s most valuable publicly traded company, has dropped $220 billion since the trading close on May 4.
Balance sheet rather heavy
The US S&P 500 stock index has dropped 7% since Wednesday’s close and fell below 4,000 on Monday. declined. The Invesco Nasdaq 100 ETF also tumbled around 10% over the same period. Here are the companies that have dropped the most in market capitalization:
- Tesla – $199 billion
- Microsoft – $189 billion
- Amazon – $173 billion
- Alphabet (Google’s parent company) – $123 billion
- NVIDIA – $85 billion
- Meta Platforms (Facebook’s parent company) – $70 billion
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