The five most valuable tech companies lost more than $269 billion in value on Thursday, the worst day for U.S. stocks since March.
Microsoft was the biggest loser, shedding more than $80 billion in value as shares dropped more than 5%. Shares of Facebook were also down more than 5%, while Apple dropped 4.8%. Alphabet closed 4.29% lower and Amazon shed 3.38%.
Nearly every other tech stock was down as well, with Cisco(-7.91%) and IBM (-9.1%) seeing particularly steep drops. One exception was Zoom Video, which closed up about 0.5%. The videoconferencing company’s stock has been on a tear this year, rising 226% in 2020, as the coronavirus pandemic forced millions to work remotely.
Thursday’s market plunge, which was sparked by an increase in Covid-19 cases, brought the Dow Jones Industrial Average down 6.9% and the S&P 500 fell 5.9%. The major averages posted their worst day since March 16, when they all dropped more than 11% in the midst of the pandemic. Concerns around a second wave of the virus have risen as U.S. states continue on their path to reopening.
U.S. coronavirus cases have topped 2 million, according to data from Johns Hopkins University.