In fact, not a single tech stock featured in the S&P 500 finished the day in the green. Apple lost the most of the top five, down 7.9%. Amazon’s share price dropped by 5.3%, while Alphabet, Facebook, and Microsoft fell by more than 6%.
The Elon Musk-led Tesla, a major tech stock not included in the S&P 500 index, took a veritable beating by losing 14%. Data storage device manufacturer Western Digital sank 13%.
Oil, coronavirus fears put pressure on global markets
A tussle over oil output between Russia and Saudi Arabia has been blamed for the epic downward pressure on global markets, fuelled by plunging oil prices and rising coronavirus anxiety across the world.
The carnage on the major US stock exchanges was so great that so-called “circuit breakers” were tripped, pausing trade for 15 minutes in a bid to halt panic-selling.
Recovering slightly on Tuesday’s open, the S&P 500 index is up just over 3.50% at pixel time, while Apple is in the green by 4.72%.