Tech giants lose $800 billion in value due to recession fears and trade war tensions

From Google: 2024-08-05 17:36:03

1. The Magnificent Seven tech giants have lost a combined US$800 billion in value as recession fears trigger a sell-off on Wall Street.

2. Influencing this drastic drop in value are concerns about the ongoing trade war between the US and China, as well as predictions of an upcoming recession.

3. Among the companies affected by the sell-off are Apple, Facebook, Amazon, Netflix, Alphabet, Microsoft, and Tesla.

4. The sell-off has been fueled by rising tensions between the US and China, as well as fears of an upcoming recession, causing widespread panic among investors.

5. Apple, one of the biggest losers, saw its shares drop by 3.5%, while Facebook, Amazon, Netflix, and Alphabet all experienced significant losses as well.

6. Microsoft and Tesla also saw sharp declines in their stock prices, leading to a combined loss of US$800 billion in market value for the tech giants.

7. The sell-off underscores the fragility of the market and the impact that geopolitical tensions and economic uncertainty can have on the tech sector. Investors are advised to proceed with caution in the current climate.



Read more at Google: Live: Magnificent Seven lose US$800b in value as recession fears stoke Wall Street sell-off – ABC News