The “magnificent seven” tech stocks lost $280 billion on Oct. 25, $180 billion of which came from Google, which slid 9.5% in share price on the day. Meanwhile, the crypto market has increased 16% over the last seven days.
More than $280 billion has been wiped from the “magnificent seven” tech stocks following the release of several earnings reports on Oct. 25, triggering fears of a looming tech recession.
Google parent company Alphabet saw its share price fall over 9%, wiping $180 billion from its market cap and wasApple and Tesla’s fall in share prices were less severe at 1.35% and 1.9%, while Microsoft was the only one of the seven to buck the trend, with its share price rising 3.1% after reporting better-than-expected growth in its Azure business.
“This is what happens when the few stocks that are holding up the entire market break," the firm said, adding that tech stock investors may be beginningFears of a “stock market crash” have also been reflected in Google search trends, with the three-word term up 233% over the last week, noted Andrew Lokenauth, a reporter for TheFinanceNewsletter.com.
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