The Magazine for Asian Investors
CNBC reported that the market capitalization of major U.S. tech companies plunged by more than $1 trillion in just three days.
Wall Street stocks rose on May 4 despite the Federal Reserve’s decision to raise interest rates by 0.50% that day. Fed Chairman Jerome Powell stressed that the Fed did not plan to raise rates by more than 0.50%.
However, stocks on Wall Street plunged on the following days, May 5-6 and May 9, as investors assumed that the Fed would raise rates by as much as 0.75% at its upcoming monetary policy meeting. The three-day slump on Wall Street sent the market capitalization of U.S. tech giants down by more than $1 trillion.
Apple lost $220 billion, Microsoft $189 billion, Tesla $199 billion, Amazon $173 billion, Alphabet. $123 billion, Nvidia $85 billion and Meta Platforms (Facebook) $70 billion.