
Audio By Carbonatix
Shares of Big Tech companies took a hit Monday after a surge in coronavirus cases renewed fears of a global economic slowdown.
So far, Apple, Facebook, Amazon, Microsoft and Google-parent Alphabet — the five most valuable U.S. companies by market cap — have collectively lost more than $250 billion in value as part of a broader market plunge, spurred by news that the coronavirus outbreak is spreading rapidly outside China in countries such as South Korea, Iran and Italy. These five tech companies make up nearly one-fifth of the value of the S&P 500, which itself is down more than3.6%.
U.S. stocks on Monday plunged after South Korea raised its coronavirus alert to the “highest level.” Italy also reported a steep increase in confirmed cases. The flu-like coronavirus, named COVID-19, has affected nearly 80,000 people globally, though most of those cases are found in China.
Apple has the largest exposure to China, as it relies heavily on Chinese manufacturing plants for its top products and on Chinese consumers to buy iPhones. The company warned last week that it does not expect to meet its own guidance for the March quarter because of the impact from the coronavirus. The other companies have a smaller presence there, with Google and Facebook basically absent from China entirely, but were hit equally because of broader fears of the outbreak’s effect on the global economy.
The move follows share declines for Big Tech on Friday. Dow-component Microsoft fell more than 3%. Facebook, Amazon, Alphabet and Apple all closed at least 1.5% lower to drag the Nasdaq down.
Latest Stories
-
Edmond Boateng takes up secretary role at Honorary Consular Corps of Ghana
2 hours -
Gambia appoints British barrister to prosecute gruesome Jammeh-era crimes
3 hours -
Girl group Flo on entering into their ‘bombastic, confident, strong’ era
3 hours -
Germany suspends military approval for long stays abroad for men under 45
3 hours -
Liverpool face uphill Champions League task after PSG thrashing in Paris
3 hours -
‘Ketamine Queen’ sentenced to 15 years in Matthew Perry overdose death
3 hours -
Nigeria begins mass trial of 500 terrorism suspects
3 hours -
Atletico Madrid stun 10-man Barcelona to seize Champions League semi-final advantage
4 hours -
Black Stars coach to be announced by next week – Sports Minister
4 hours -
Chiefs, queen mothers and principal elders of Odau group denounce ‘rebellious Etweresohene’, pledges allegiance to Okyenhene
4 hours -
KNUST library dress code sparks online backlash over strict rules
4 hours -
Cultural Diplomacy in Action: Ghanaian youth leaders present symbolic smock to U.S. Chargé d’Affaires
4 hours -
Ghana Card payment activation under review – NIA breaks silence on financial integration
5 hours -
Ofori-Atta’s ICE release on bail positive; he poses no risk – Amanda Clinton
5 hours -
Ken Ofori-Atta’s passport seized after bail, set to reappear in US Court on April 27
5 hours