Apple Leads Tech Stocks To Over $700 Billion Decline
Major tech stocks such as Apple, Facebook, Amazon, Google and Netflix have seen US$728 billion wiped off their market value in the last six weeks.
The colloquially referred FAANG companies finished in the red on Monday, continuing a broader downwards trend.
Leading the pack is iPhone-maker Apple, whose stocks some commentators claim is significantly weighed down other top-end tech stocks.
Apple has been the most hard hit of FAANG companies in the last six weeks, following a reduction in new iPhone production orders, and lower-than-expected holiday sales outlook.
Despite hitting the trillion dollar mark in October, Apple’s market cap has plummeted over US$200 billion in the last few weeks to $US929.32 billion.
Since October highs, shares in Apple have tumbled 24%.
Social media giant, Facebook, has continued to combat dwindling user trust following several security breaches. On Monday, shares hit their lowest point since February last year.
It comes after a savage sell-off in American tech stocks on Tuesday, culminated into a broader global market retreat.
Some commentators claim the Nasdaq is heading towards it worst quarterly loss since the 2008 crisis.