Just when the world is struggling with the advent of coronavirus, we see the top four tech companies suffering a heavy loss this Thursday. These include the companies like Apple and Microsoft along with the Ecommerce and social media giants like Amazon and Facebook facing the same. These are not all, even the Google parent company called Alphabet too is included in the list. Together these companies have added a loss of around 416.63 billion in terms of commercial value in the current markets. All because of the economic slowdown witnessed due to the coronavirus outbreak in the world.
We see most of the companies including the named ones above facing the same. While talking about the same, the shares of Apple company seems to have plunged 9.88 percent, while same goes with the companies like Facebook reaching to 9.30 percent followed by the two called Alphabet and Amazon which dropped to 8.2 percent and 7.98 percent along with Microsoft dropping not less than 9.48 percent. All thanks to the investors who seemed to have continued to worry regarding the spread of the coronavirus and its potential impact that it can have on the economy. These remain among the biggest contributors when it comes to market that has gone down to get extended the rally, which ended up getting lifted the sum of the S&P 500 to a record the previous month.
It seemed to have been a bigger drop when compared to the ones seen on Monday when the five companies seemed to have lost the whopping of 320 billion USD before recovering from the losses in the said week. On the other side, the investors seem to be feeling the concern regarding the amount of consumers and businesses slashing down the investment on the economy that is going to add the recession. There seems to be some traditional concerns that has come along in the supply chain constraints seen over the product manufacturing. The company Apple in the previous month seemed to have warned people as it is failing to meet the expected surge in the second quarter forecast as a revenue.
Now, we see the companies being down this year with Facebook down by 24.7%, Google by 17.0%, Apple down by 15.5%, Microsoft down by 11.8%, and the e-commerce giant Amazon down by 9.3%. the Dow Jones Industrial Average seemed coming out with 10 percent with a whopping 2352 points to 21200 which goes with the biggest one day plunge since the late eighties seen on Black Monday witnessing the market crash. The S&P 500 is seen going down by 9.5% to 2,480.64, the way it has gone the worst on the said day in 1987. Nasdaq Composite has now seen going to 9.4% to 7,201.80.