People ARE worried folks….
Apple, Amazon, Microsoft, Facebook, Google parent co. Alphabet ALL took hits in their stock prices….
Amazon took the biggest hit @ $51 billion…..
Apple computer second @ $39 billion….
Among the big tech shares, Amazon was the biggest loser. With its stock falling nearly 6% to $1,668.40, the e-commerce giant’s market capitalization plunged $51 billion. That’s about the same amount that General Motors is worth in total.
Apple was the next biggest loser, at least in terms of the market value it lost. The iPhone maker saw its capitalization drop $39 billion thanks to its stock falling 4% to $176.69.
In terms of percentage declines, Netflix was second to Amazon. Its stock fell 5% to $275.33, resulting in a drop in its valuation of $6.5 billion.
The sell-off in shares of the big tech companies has been going on for months amid broader concerns about slowing growth and stricter regulations. Although Facebook only saw its shares and market valuation drop by 2% Tuesday, its stock has declined the most from its peak this year of any of its peers. Since hitting their apex in July, Facebook’s shares are down nearly 37% at $137.93.
Netflix is a close second in that category. Its shares are down 35% since they peaked in June.
Tuesday’s decline in tech shares extended far beyond the giants, with the tech-heavy Nasdaq Composite index falling 3.8% to $7,158.43…..
Doubts about President Donald Trump’s temporary cease-fire in a trade war with China helped spark a plunge in stocks on Tuesday, as senior administration officials acknowledged it was too early to say if a longer-term deal could be reached.
“The market is trying to figure out is there going to be a real deal at the end of 90 days or not,“ Treasury Secretary Steven Mnuchin said Tuesday during an on-stage interview at the Wall Street Journal’s CEO summit in Washington. “Now, whether we can get that to a real agreement, or at least make a lot of progress, over the 90-day period or not, time will tell.”
Markets initially rallied Monday on news that Trump and Chinese President Xi Jinping had agreed over the weekend in Buenos Aires to put the trade war on hold for the next 90 days, while the two sides try to reach a deal on U.S. concerns about Chinese intellectual property theft and forced technology transfers. But there has been confusion about just what China said it would do, as well as skepticism about how many reforms the nation can make in such a short period….
The “R’ word is float around on a lot of people’s minds…..