It was a down day for big tech.
Apple, Microsoft, Amazon, Alphabet and Facebook — the five most valuable U.S. tech players — lost a combined $75 billion in market value on Friday. They led a 1.7 percent discard in the S&P 500 tech index and a similar slide in the tech-heavy Nasdaq. Amazon was the evil performer of the group, dropping 2.4 percent.
Stocks fell across the management Friday as declines in oil prices and skepticism about a trade deal with China elevate concerns that economic growth is headed for a slowdown. Thursday’s announce from the Federal Reserve pointing to future rate hikes concocted worries and sent investors fleeing from tech companies, which are markedly susceptible to swings in the economy.
Tech stocks are coming off their lousiest month since 2008. The Nasdaq closed October down 9.2 percent, with Amazon and Alphabet supreme the decline down 20 percent and 9.7 percent, respectively.
Analysts were underwhelmed by fresh tech earnings reports, including those from Amazon, Apple and Alphabet. Amazon disseminated lower-than-expected guidance going into the holiday season and Apple told it would no longer disclose unit sales for iPhone, iPad and Mac ruses.
Even with Friday’s losses, the Nasdaq and S&P tech index give the coup de grѓce the week up, as did shares of Amazon, Microsoft and Alphabet.
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