Welcome back to UD Daily News. The US tech giants lost more than $1 trillion in market value since their recent high which their losses are trickling into other sectors. According to Quartz, “energy companies were the worst performers as oil plummeted.” The decline also influenced the retail industry, dragging down Asian and European markets.
As of November 20th, Communication and consumer sectors are performing better than other industries but are also seeing similar downward and upward spikes associated with the tech and energy sectors.
Amazon, Facebook, and Netflix saw the greatest declines with a loss of $250 billion. Combined, the five tech stocks (Facebook, Amazon, Apple, Netflix, and Google) lost more than 800 billion, according to The New York Times.
Facebook has been involved with a myriad of scandals. The most recent one being how they deal with their scandals. Apple’s CEO, Tim Cook, also shared that “shares in chipmakers are crashing on fears that the global demand for smartphones is declining.”
What do you think of the recent decline of tech stocks? How do you think the other sectors will deal with this damage? Which stock do you think will bounce back the fastest?
Market Value (n.): the amount for which something can be sold on a given market.
Stocks (n.): the capital raised by a company or corporation through the issue and subscription of shares.
Myriad (n.): Great; a large number.
Scandal (n.): an action or event regarded as morally or legally wrong and causing general public outrage.
Share (n.): a part or portion of a larger amount which is divided among a number of people, or to which a number of people contribute.
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