A man chafings a medical mask on the subway as New York City confronts the coronavirus outbreak on March 11, 2020 in New York City.
Spencer Platt | Getty Incarnations
The five biggest tech firms, Amazon, Apple, Alphabet, Facebook and Microsoft, lost a combined $416.63 billion in value as the vends continued to crater on coronavirus fears and economic uncertainty.
Shares of Apple plunged 9.88%, Facebook fell 9.30%, Alphabet dumped 8.2%, Amazon fell 7.98% and Microsoft dropped 9.48%, as investors continued to worry about the spread of coronavirus and its likely impact on the economy. They had been among the biggest contributors to the market’s extended rally that lifted the S&P 500 to a write down just last month.
It was a bigger drop than on Monday, when the big five lost a combined $320 billion in front of recovering some of those losses during the week.
Investors seem to be most concerned about how much consumers and enterprises will cut back on spending if the economy goes into a recession. There are additional concerns about supply bind constraints on product manufacturing. Apple in February warned that it does not expect to meet its second-quarter forecast for gross income, for example.
All five 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%.
The Dow Jones Industrial Ordinary plummeted 10% or 2,352.60 points to 21,200.62, the biggest one-day plunge since the 1987 “Black Monday” call crash. The S&P 500 fell 9.5% to 2,480.64, likewise the worst day since 1987. And the Nasdaq Composite fell 9.4% to 7,201.80.
— CNBC’s Fred Imbert, Ari Levy and Thomas Franck presented to this report.