- The seven most valuable tech companies lost more than $750 billion in market value on Monday as recession fears rattled Wall Street.
- The Nasdaq registered its worst day since 2022.
- Tariff fears and growth concerns have rocked technology stocks, with the tech-heavy Nasdaq declining for the past three weeks.
It's gone from bad to worse for tech investors.
With the Nasdaq suffering its steepest drop since 2022 on Monday, the seven most valuable tech companies lost more than $750 billion in market value. Recession fears and concerns about a trade war drove the selloff.
Apple led the megacap losses, with its value plummeting by about $174 billion. Nvidia shaved off almost $140 billion in market value and shares closed down 5%. The leading AI chipmaker has lost nearly a third of its value just two months after notching a fresh high in January.
Tesla had the biggest percentage loss, with shares of the electric vehicle maker tumbling 15%, their worst day since 2020. The company has lost more than half its value since its stock price peaked in mid-December. The stock is also coming off its longest weekly losing streak in history as a public company.
Tesla lost $130 billion in value on Monday, while Microsoft and Alphabet lost $98 billion and $95 billion, respectively. Amazon lost $50 billion and Meta lost $70 billion.
Alphabet and Meta dropped more than 4% on Monday, while Microsoft and Amazon dropped at least 2% each. The Technology Select Sector SPDR Fund fell more than 4%, entering correction territory. Shares are more than 14% off their high.
Money Report
Heavy selling intensified across the tech, with the Nasdaq falling to a six-month low. Many tech companies rely on parts and manufacturing overseas and new levies could push up prices. That's also sparked worries of a U.S. recession, which Trump didn't rule out over the weekend.
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Semiconductor makers have also felt the pain, with the sector a primary target of new tariffs. Last week, the president announced an additional $100 billion investment from Taiwan Semiconductor Manufacturing and called the company the "most powerful" in the world as he looks to boost domestic production.
The VanEck Semiconductor ETF has plunged 3% over the past week and is down more than 16% since the inauguration. Heavy selling rattled the sector again Monday, with the ETF last down roughly 5%. Marvell Technology shed 8%, while ASML Holding and Micron Technology slumped more than 6% each. Broadcom fell 5%.
