Tech giants lost more than $1T in value in the last 3 days
May 11, 2022 1:54:22 GMT -5
Post by maybetoday on May 11, 2022 1:54:22 GMT -5
Tech giants lost more than $1 trillion in value in the last three trading days
PUBLISHED MON, MAY 9 20224:50 PM EDTUPDATED MON, MAY 9 20227:30 PM EDT
Jordan Novet
KEY POINTS
Apple, the most valuable publicly traded company, has seen its market capitalization trimmed by over $200 billion since Wednesday, when the Fed raised interest rates by a half percentage point.
Staples like Campbell Soup, General Mills and J.M. Smucker have outpaced Big Tech in the past three trading days.
Struggling FAANG stocks are trading at attractive levels, says Fundstrat’s Tom Lee
The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.
Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.
Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M. Smucker.
Continued at link
PUBLISHED MON, MAY 9 20224:50 PM EDTUPDATED MON, MAY 9 20227:30 PM EDT
Jordan Novet
KEY POINTS
Apple, the most valuable publicly traded company, has seen its market capitalization trimmed by over $200 billion since Wednesday, when the Fed raised interest rates by a half percentage point.
Staples like Campbell Soup, General Mills and J.M. Smucker have outpaced Big Tech in the past three trading days.
Struggling FAANG stocks are trading at attractive levels, says Fundstrat’s Tom Lee
The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.
Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.
Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M. Smucker.
Continued at link