Tech Giants Hit By Wall Street Flash Crash
Companies such at Microsoft, Apple, Alphabet, Netflix and Amazon were all hurt by the flash crash that happened yesterday on Wall Street losing up to 5 per cent on the stock exchange.
The Dow Jones plummeted by 1,175 points yesterday or 4.6 per cent, in what some are reporting as the largest ever single day, point crash in US history. Commentators are saying a fast increase in interest rates meaning expectations of inflation and bond yields are what caused drop.
Everyone on the stock market was affected by this including tech companies such as Alphabet, Microsoft, Facebook, Apple, Amazon and Netflix.
A chart by Statista shows how much they were affected by with Alphabet hurt the most dropping 5 per cent and losing US$39bn and Netflix dropping by 4.9 per cent but losing the least amount of money, US$5.7bn.
Lena Rebe from Statista says a collective of US$140bn was lost yesterday but the loss was necessary as it can be seen as an ‘overdue correction’.