Even though the second stimulus package talks have resumed, these five Wall Street stocks are already heading towards their worst monthly fall. The companies include Apple Inc, Amazon.com, Microsoft Corp, among others.
Apart from the already volatile nature of the stock market, the coronavirus pandemic and the delay in fiscal aid has further turned the market sour. Now, it looks like five major Wall Street stocks are heading towards their worst monthly fall.
The equity market has already disappointed many this month. But it looks like top technology brands have not seen the worst yet. As per Dow Hines Market Data, Alphabet Inc. GOOGL – Google’s parent company, MSFT – Microsoft Corp, AAPL – Apple Ince, FB – Facebook Inc, AMZN – Amazon.com will face their worst monthly fall.
As per records, the five top technology brand Wall Street stocks have most around $817 billion in just this month. This dramatic fall has put them in the worst monthly fall in the history of the stock market.
Worst Monthly Slump In The History Of Stock Market
It has also been noted that the the current fall witnessed by the top five Wall Street stocks is far higher than the last worst fall recorded. The second worst for a collective of Wall Street stocks stands at $425 in October 2018.
Meanwhile, NFLX – Netflix, which is a part of another popular tech related collective, also called FAANG, lost around $24 billion of their total value. This, again, is the harshest fall since the October of 2018.
Similarly, Apple also lost a large share of its market value. The tech giant is considerably one of the biggest American companies. This month, it lost around $322 billion. Basing the calculation on Apple’s market capitalization, this fall represents one of Apple’s biggest contractions in its entire history.
However, if we look at the recent trajectory of how the stock market is functioning, we will see that even though Apple has lost a large quantity of its market value, it is still doing better than other companies. Apple managed to get an impressive $934 billion under the company’s market cap, which is massive compared to other Wall Street stocks.
Many companies have not seen it this bad since the day of their inception.
Tech Wall Street Stocks, The Worst Affected Since The Onset Of COVID-19
In addition, the COMP – Nasdaq composite fell by around 10 percent. The S&P 500 is fending for profits as well.
A stock market analyst, Lindsey Bell, states that while this month has been rough for everyone, the tech companies have been the ones to feel the most burn.
As per reports, this month marks the worst for Wall Street stocks in around 20 years.
Although things seem rough, investors should ride out the storm as trends will rise soon, suggests Bell.