Big Tech Sheds $200 Billion in Value as Earnings Disappoint

Oct 26, 2023 thejournalbiz

The so-called Magnificent Seven technology companies that have powered this year’s US stock rally are posting disappointing earnings, wiping about $200 billion off their market value and threatening to push the S&P 500 into a correction.

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Big Tech Sheds over $200 Billion in Value as Earnings Disappoints via Bloomberg#meta #tesla #apple #amazon #TechNews pic.twitter.com/KU0r5icVSq

— The_Journalbiz (@the_journalbiz) October 26, 2023

Bloomberg Chart on big tech

Google owner Alphabet Inc., Tesla Inc., and Facebook parent Meta Platforms Inc. have all slumped since reporting, with Microsoft Corp. the only bright spot.

Amazon.com Inc. publishes results after the close Thursday, and the options market is implying a one-day move for the stock of 8.1% in either direction — putting about $100 billion in market value in play.

About $200 Billion Erased as Big Tech Earnings Kick-Off

Meta to fall Thursday, in the wake of Alphabet and Tesla

Selloff could push S&P 500 down 10% from its recent high