US Tech Giants Face Trillion-Dollar Loss Amid Market Turmoil

Leading US technology companies, including Apple and Nvidia, spearheaded a significant sell-off in tech stocks on Monday.

This downturn comes amid rising recession fears in the United States and Berkshire Hathaway's decision to reduce its stake in iPhone manufacturer Apple, halting a months-long rally in the sector.

High-performing stocks from Alphabet, Amazon, Meta Platforms, Microsoft, and Tesla plummeted by 12.2% in pre-market trading.

This decline is projected to erase nearly one trillion dollars from the combined market value of these seven major companies.

The downturn also affected Asian and European markets, where stocks traded in the red on Monday.

Cryptocurrencies similarly faced sharp declines, mirroring the losses recorded on Wall Street at the close of Friday’s session.

Global markets are bracing for the opening of Wall Street trading at 4:30 PM (Mecca Time), with varied declines observed across different markets.

In Japan, the Nikkei index experienced its worst day since 1987, dropping by 12.4% due to disappointing US economic data and a strengthening Japanese yen. Other Asian markets also saw significant losses, with benchmark indices in South Korea and Taiwan falling by over 8%.

According to index data, the 12.4% drop in today’s session marks the worst performance since October 20, 1987, with two trading suspensions occurring during the day.

Arab stock markets continued to suffer losses on Monday, reflecting the global market crashes and concerns over a potential U.S. economic recession and rising geopolitical tensions in the region.

Cryptocurrencies have seen a market value drop of $550 billion since this morning, settling at $1.88 trillion. Bitcoin's price fell by over 16%, or $9,780, stabilizing at $51.1K per unit, the lowest level since February.