It was a frustrating day for big tech companies on November 10, Beijing time. Apple, Microsoft, Amazon, Alphabet and Facebook, the five most valuable technology companies in the United States, lost a total of $75 billion in Friday ————. Technology stocks dragged the S & amp; P 500 tech index down 1.7%, with na finger tumbling 1.65%.
Amazon performed the worst, down 2.4%. U.S. stocks fell across the line in Friday as falling oil prices raised concerns that economic growth would slow. The Fed's Thursday report, which noted a gradual rate hike in the future, has heightened concerns, leading investors to flee tech companies.
Technology companies are particularly vulnerable to economic fluctuations. Tech stocks are coming out of their worst one months since 2008.
The October close fell 9.2%, while Amazon and Alphabet fell 20% and 9.7%, respectively. Analysts have had a flat response to recent tech earnings from companies such as Amazon, Apple and alphabet.
Amazon gave less than expected expectations as it entered the holiday sales season, and Apple announced it would no longer release sales of iphone, ipad and Mac devices.