Apple Stock’s Plunge Spurs $200 Billion Big Tech Rout As Nasdaq Tallies Worst Day In Months

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Big technology stocks sank Tuesday, a potentially worrisome omen as the darlings of 2023's explosive gains lost hundreds of billions of dollars of market value.

Article originally published by Forbes. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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03 Jan 2024

Big technology stocks sank Tuesday, a potentially worrisome omen as the darlings of 2023’s explosive gains lost hundreds of billions of dollars of market value.

The tech-heavy Nasdaq Composite fell 1.6% in the opening trading session of the year, a far wider loss than the Dow Jones Industrial Average’s 0.1% gain and S&P 500’s 0.6% fall.

Tuesday was the Nasdaq’s worst day since October 25 and its lowest closing price since mid-December.

Driving much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.

Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday.

Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta