Big tech burnt...but healing today
Big tech is back after the mayhem in the last few days:
The six biggest tech stocks have lost more than $1 trillion over the last three days alone, but it’s really just a dent coming off a huge rally that peaked last week.
Apple, which hit a $2 trillion market cap on Aug. 19, is down about $325 billion in that time period. Microsoft’s down $219 billion, Amazon fell $191 billion, Alphabet cratered by $135 billion, and Tesla, which fell 21% on Tuesday to mark its worst single-day loss in its history, is down $109 billion in the last three days. Finally, Facebook is off by $89 billion.
The market's biggest loser? Tesla. The electric-vehicle maker's stock crashed 34% in the past week to $330 per share after reaching a historic high of just under $500 at the end of August. The whiplash-inducing fall from grace can be attributed to the S&P 500 index committee declining to include the stock in its hallmark index, Fortune notes.
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