US stock market losses for the seven biggest tech companies approach $1 trillion.
I startedUS Stocks In Bursa Wall Street Monday’s trading, with a significant decline in light of fears of escalating geopolitical tensions in the Middle East, and a slowdown in the US economy.
The US stock market fell by 681.07 points, or 1.71%, to 39,056.19, while the broader S&P 500 index fell by 195.42 points, or 3.66%, to 5,151.14, and the Nasdaq Composite index fell by 1,063.63 points, or 6.34%, to 15,712.53, according to Reuters.
Reasons for the mass decline of the New York Stock Exchange
“The financial markets are in chaos now,” said Stephen Innes, an analyst at SBI AM, explaining that the “catalyst” was the “US employment report” published last Friday, according to Agence France-Presse.
The US unemployment rate rose significantly to 4.3% last July.
On Friday, US stocks ended the week with a significant decline, as the Nasdaq lost 417.97 points, or 2.4%, to 16,776.16 points, the S&P 500 fell 100.12 points, or 1.8%, to 5,346.56 points, and the Dow Jones fell 610.71 points, or 1.5%, to 39,737.26 points.
Tech giants’ stocks hit hardest
Apple Inc. and Nvidia Inc. led a sell-off in technology stocks on Monday amid fears of a U.S. recession and Berkshire Hathaway Inc.’s decision to cut its stake in iPhone maker Apple Inc.
High-performing US stocks including Google parent Alphabet, Amazon, Meta Platform, Microsoft and Tesla all fell 12.2% in pre-market trading.
Initial forecasts suggest that the losses in the seven major companies’ shares will wipe out nearly $1 trillion in combined market value.
US stocks follow Asian ones
At the beginning of trading, US stocks followed suit with their Asian counterparts, which suffered heavy losses at the end of today’s trading.
Where it closed Nikkei Index In Japan, Monday’s trading was after recording the largest daily decline in its history, as it fell by more than 4,400 points, or 12%, in light of the strength of the local currency, the “yen”, and the escalation of fears about the occurrence of an American recession, as a result of disappointing economic data.
Japanese stocks fall to 10-month low
And he finishedNikkei IndexThe Japanese benchmark, which consists of 225 shares, closed down 4,451.28 points, or 12.4%, from last Friday, to close at 31,458.42 points.
The broader Topix index also fell 310.45 points, or 12.23 percent, to close at 2,227.15.
The closing level of the two indices on Monday is their lowest since last October.
