The Top 5 Biggest Tech Companies Lost Over $400 Billion in One Day

Wall Street was in dire straits again on Thursday with the Dow Jones Industrial Average plunging 10% as coronavirus fears escalated. It was the biggest one day drop for the index since 1987’s “Black Monday” market crash.

On Thursday, five of the biggest tech companies lost over $400 billion in value as a result. Alphabet, Amazon, Apple, Facebook, and Microsoft, lost a combined $416.63 billion. Shares of Apple fell 9.88%, Facebook fell 9.30%, Alphabet lost 8.2%, Amazon fell 7.98% and Microsoft sank 9.48%.

All five stocks are now down for the year. Facebook is down 24.7%, Google down 17.0%, Apple down 15.5%, Microsoft down 11.8%, and Amazon down 9.3%.

Investors are in a panic over the spread of the coronavirus and what impact it may continue to have on the economy. It was just last month that the S&P 500 had hit a record.

The S&P 500 fell 9.5% to 2,480.64 on Thursday. The index also saw its worst day since 1987. The Nasdaq Composite fell 9.4% to 7,201.80.

“The coronavirus is scary and people don’t know what to expect,” said Kathy Entwistle, senior vice president of wealth management at UBS. “It’s like the tsunami is coming. We know it’s going to hit any day and nobody knows what the outcome is going to be.”

The Fed announced on Thursday that it would ramp up its overnight funding operations to more than $500 billion. It will then offer more repo operations totaling $1 trillion on Friday.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.