The Dow Jones Industrial Average just experienced the worst single-day decline in its history, and other stock markets dropped as well, leaving tech stocks reeling.
The Dow Jones dropped 1,175 points Monday, after declining 666 points Friday. The Nasdaq Composite, home to many top tech stocks, dropped 273 points, or close to 3 percent.
The Dow Jones lost 4.6 percent of its value Monday. The biggest single-day drop prior to today came in 2008, when a 777-point plunge shaved 7 percent off the stock market.
Stock markets have been on fire in recent years, buoyed by tech giants like Amazon and Google, both of which crossed the threshold of $1,000 per share in recent years. The world’s top tech giants reported strong earnings again last week, setting up for another strong week on Wall Street.
But instead, markets dropped sharply Friday, and that trend continued Monday. Here is a look at how today’s market crater affected the tech industry, as well as other Seattle public companies.
- Amazon: Down 39.90 points (2.8 percent) to $1,390
- Microsoft: Down 3.78 points (4.1 percent) to $88
- Google: Down 56.81 points (5.1 percent) to $1,062.39
- Apple: Down 4.01 points (2.5 percent) to $156.49
- Facebook: Down 9.02 points (4.7 percent) to $181.26
- T-Mobile: Down 2.05 points (3.2 percent) to $61.54
- Expedia: Down 1.59 points (1.3 percent) to $125.05
- Zillow Group: Down 0.42 points (0.9 percent) to $44.14
- Tableau Software: Down 3.89 points (4.6 percent) to $80.12
- Starbucks: Down 1.08 points (1.9 percent) to $54.69
- Boeing: Down 20.03 points (5.7 percent) to $328.88
- F5 Networks: Down 7.95 points (5.5 percent) to $136.18
- Apptio: Up 0.45 points (1.7 percent) to $26.37
- Impinj: Down 0.22 points (1.8 percent) to $11.94
- Redfin: Down 0.1 points (0.5 percent) to $19.66
- RealNetworks: Down 0.26 points (8.6 percent) to $2.77
- Weyerhaeuser: Down 0.89 points (2.49 percent) to $34.79
The market turned, CNBC reports, not because of a single calamitous piece of news, but a combination of factors. Murmurs of inflation from the Federal Reserve, along with rising wages, appear to have frightened investors.
During this boom period, automated investing became popular, with some investors preferring to perform their transactions online, rather than through a traditional stock broker. Several of these services went down Monday, one of the first times they’ve come up against adversity in the stock market, as Bloomberg notes.
It remains unclear if this two-day drop is a temporary blip or a sign the historic stock market run of the last few years is coming to an end.
“The market simply did not take into account that you can’t go up like this that long,” Michael Yoshikami, CEO of Destination Wealth Management told CNBC.
