[CNBC Television] Big Tech tumbles: Apple, Microsoft, Facebook are in correction territory
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CNBC’s Josh Lipton reports on the technology stocks that are in correction territory amid the market sell-off.
Microsoft, Apple, Google parent Alphabet, and Amazon — have seen more than $400 billion wiped from their combined total value over the last 4 trading sessions as investors fear a coronavirus-induced global economic slowdown. Microsoft, the S&P 500′s largest component, has been hit the hardest, with $124 billion in value erased. Apple’s seen $140 billion wiped from its market cap, and Google and Amazon have each lost $89 billion. Tech names, which have led the market higher, have been hit hard recently as investors rotate into safety trades. This week all four stocks are down at least 5%. In the last week Microsoft and Apple have lost more than 10%, while Alphabet and Amazon have shed roughly 9%
Facebook and Apple shares both traded down more than 10% from recent highs at their lows on Tuesday as the market’s sell-off whacked much-loved technology and communication stocks. Apple has been falling given its exposure to Chinese markets and supply chains, which the company cited earlier this year in announcing that it will fall short of prior first-quarter guidance
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