While prices on the technology exchange are falling, other companies are in demand.
(Photo: Bloomberg)
Frankfort, San Francisco Big tech stocks are having a black week. Apple, Alphabet, Amazon, Meta and Microsoft have lost nearly $700 billion in value since Tuesday night, data from financial service Bloomberg shows. For comparison: All 40 companies in the leading German index Dax together are worth around 1.5 trillion dollars.
Amazon shares shed more than 10 percent on Friday after Facebook parent Meta plummeted nearly 25 percent on Thursday. Alphabet had already given in almost ten percent on Wednesday, Microsoft just under eight percent.
This reinforces the dichotomy in the market: while technology stocks are penalized, stocks of so-called quality companies that pay high dividends and have a high cash flow are in demand. At the close of trading on Thursday, more shares were up than down in the market-wide S&P 500 index, despite the sell-off in the tech sector. Shares in oil companies, energy suppliers and banks are currently in demand.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue