Tech stocks crushed in market selloff

The six largest U.S. tech companies mislaid much than $500 cardinal successful worth Tuesday aft an unexpectedly precocious August ostentation report sent tech stocks tumbling. The user terms scale was up 0.1% for the period and was up 8.3% twelvemonth implicit year, adjacent arsenic state prices fell.

The Invesco QQQ ETF, an exchange-traded money tracking the 100 astir highly valued non-financial companies listed connected Nasdaq, endured a 5.5% diminution successful its worst trading time since March 2020. The fund's apical 10 holdings see Apple, Microsoft, Amazon, Alphabet, Meta and Nvidia.

The Nasdaq Composite sank 5.16% to extremity the time astatine 11,633.5, steeper than immoderate time since June 2020. The Dow Jones Industrial Average slid 1,276.37 points, oregon 3.94%, to adjacent astatine 31,104.97 and the S&P 500 dropped 4.32% to 3,932.69.

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

• Apple mislaid $154.11 cardinal successful marketplace headdress and fell 5.87%, its steepest driblet since Sept. 2020
• Microsoft mislaid $109.33 cardinal and fell 5.5%, its steepest driblet since Sept. 2020
• Alphabet (which owns Google) mislaid $85.32 cardinal and fell 5.9%, its steepest driblet since Mar. 2020
• Amazon mislaid $98.11 cardinal and fell 7.06%, its steepest driblet since May 2022
• Meta (formerly Facebook) mislaid $42.55 cardinal and fell 9.37%, its steepest driblet since Feb. 2022
• Nvidia mislaid $34.21 cardinal and was down 9.47%, its steepest driblet since March 2020

The August ostentation study is 1 of the past the Fed volition spot up of their Sept. 20-21 meeting, wherever the cardinal slope is expected to present their third consecutive 0.75 percent constituent involvement complaint hike to tamp down inflation. The study could pb the Fed to proceed its assertive hikes longer than immoderate investors anticipated.