The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.
Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.
Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M. Smucker.
Apple, the world’s most valuable public company, has shed $220 billion in value since the close of trading on Wednesday, the day Fed Chair Jerome Powell declared that inflation was running too high and that there were no plans for a rate hike more than half of a percentage point.
