Tech stocks crushed in market selloff

The six largest U.S. tech companies lost more than $500 billion in value Tuesday after an unexpectedly high August inflation report sent tech stocks tumbling.  The consumer price index was up 0.1% for the month and was up 8.3% year over year, even as gas prices fell.

The Invesco QQQ ETF, an exchange-traded fund tracking the 100 most highly valued nonfinancial companies listed on Nasdaq, endured a 5.5% decline in its worst trading day since March 2020.  The fund’s top 10 holdings include Apple, Microsoft, Amazon, Alphabet, Meta and Nvidia.

The Nasdaq Composite sank 5.16% to end the day at 11,633.5, steeper than any day since June 2020.  The Dow Jones Industrial Average slid 1,276.37 points, or 3.94%, to close at 31,104.97, and the S&P 500 dropped 4.32% to 3,932.69.

Here are the companies that posted some of the biggest losses:

Apple lost $154.11 billion in market cap and fell 5.87%, its steepest drop since Sept. 2020.

Microsoft lost $109.33 billion and fell 5.5%, its steepest drop since Sept. 2020.

Alphabet (which owns Google) lost $85.32 billion and fell 5.9%, its steepest drop since Mar. 2020.

Amazon lost $98.11 billion and fell 7.06%, its steepest drop since May 2022.

Meta (formerly Facebook) lost $42.55 billion and fell 9.37%, its steepest drop since February 2022.

Nvidia lost $34.21 billion and was down 9.47%, its steepest drop since March 2020.

This report’s information was first seen on CNBC; to read more, click this link.