- 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.
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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.
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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.
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%.
