Today in Wall Street panicking, er… trading, Apple shed $100 billion in market value while Microsoft plummeted by $83.6 billion as the broader market had its worst day since the 2008 financial crisis, thanks to continued concerns about the COVID-19 coronavirus and plunging oil prices.
Amid the worst day for U.S. stocks since the 2008 financial crisis, the five most valuable tech companies lost $321.6 billion in value, with Apple accounting for almost one-third of that sum. Shares of the iPhone maker plunged 7.9%. Microsoft, Facebook and Alphabet each lost more than 6% and Amazon fell 5.3%.
Monday’s market plunge, which sent the S&P 500 and Dow Jones Industrial Average to historic losses, was sparked by the ongoing spread of the coronavirus and tumbling oil prices. Saudi Arabia on Saturday cut official crude selling prices for April after OPEC talks collapsed a day earlier.
Only nine members of the S&P 500 ended the day in the green, and none were from the tech sector…
MacDailyNews Take: Yeah, that’s not an overreaction.