
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
-
Ghana cedi outlook improves as PwC projects medium term stability
28 minutes -
IJM identifies sustainable funding, partnerships and data as key to combating child trafficking
43 minutes -
IJM cites 50–85% drop in trafficking, violence in countries with sustained justice investment
55 minutes -
Bankers expect Central Bank to hold benchmark rate
1 hour -
Muntaka reveals suspected insider involvement in Ghana-Australia meth-trafficking case
1 hour -
Ghana-South Africa tensions: ‘Use diplomacy, not social media exchanges’ – Asafo-Adjei
1 hour -
South Africa risks export decline, job losses if African partners turn away — Prof Peprah
1 hour -
Ghana’s Human Trafficking Fund needs sustained financing to deliver on mandate — IJM
1 hour -
Why some African nations are turning down Trump aid money
1 hour -
East Legon Hills residents commend 48 Engineer Regiment for swift flood response
2 hours -
CMC secures gulf offtake deals for Ghana’s semi-finished cocoa ahead of Mahama’s 50% local processing mandate
2 hours -
Ghana, South Africa must resolve tensions through diplomacy, not social media exchanges – Asafo Adjei
2 hours -
Council of State advises against passage of Dual Citizenship Amendment Bill
2 hours -
Woman suspected of Monaco bomb attack found dead in Ukraine
2 hours -
GRA interdicts four officers over attempted diversion of transit cargo
2 hours