Daily Management Review

Six U.S. tech giants lose over $500B in market cap


Stocks of American technology businesses fell after the release of the U.S. Department of Labor's inflation data, which was worse than expected. CNBC estimates that the six biggest technology companies in the United States lost more than $500 billion in market value.

UN Women/Ryan Brown
UN Women/Ryan Brown
Six significant U.S. technology businesses lost over $500 billion in market value as a result of stock declines in response to the publication of an August's inflation report. The greatest losers were Amazon, Apple, and Microsoft.

The high-tech index ended the day at 11,633.5 while the Nasdaq Composite dropped 5.16% (the worst performance of the day since June 2020). The S&P 500 Index dropped 4.32% to 3,932.69, and the Dow Jones Industrial Average dropped 1,276.37 points, or 3.94%, to settle at 31,104.97. According to Forbes USA, it was the worst day for all three indices in 2022.

The consumer price index increased 0.1% month-over-month and 8.3% yearly. Following a decrease in gas prices, analysts expected a 0.1% monthly decline in inflation and an 8.1% annual increase.

source: cnbc.com