- Four technology giants – Microsoft,Apple,Google-parent Alphabet, and Amazon– have shed more than $US1 trillion in market value since all-time highs in February as markets have been roiled by coronavirus, CNBC reported.
- The four stocks are called “MAGA” stocks by President Trump, and each has boasted a market value of $US1 trillion or more at some point.
- Now, only Microsoft and Apple are valued at more than $US1 trillion.
- Read more on Business Insider.
President Donald Trump’s favourite technology stocks – which include Microsoft,Apple,Google-parent Alphabet, and Amazon– have lost a combined $US1.3 trillion since February as markets reel from the coronavirus outbreak.
The tech giants are Trump’s favourites because the beginning letters can be arranged to spell “MAGA” – the acronym used by the president during his 2016 campaign. The four tech stocks have also all reached a market value of $US1 trillion at some point, which Trump pointed out to a group of reporters in February.
The four tech mainstays led US stocks to new highs in February. But since, the companies have slumped amid a broader market sell-off induced by coronavirus panic and an oil price war that’s landed all three major US indexes in bear market territory.
Microsoft has been the hardest hit in the sell-off, falling nearly 27% from an all-time high close on February 10 and losing roughly $US405 billion from its market value. Apple has lost more than 25% and about $US372 billion since its closing high on February 12.
Amazon and Alphabet both closed at all-time highs on February 19. Since, Alphabet has shed nearly 30% and about $US311 billion. Amazon has outperformed the rest of the MAGA group, falling nearly 21% and losing around $US239 billion in market value. The moves were first reported by CNBC’s Pippa Stevens.
Now, only Microsoft and Apple still boast market values of $US1 trillion or more.
Even though the losses for the four tech giants have been steep, the MAGA stocks have outperformed the broader S&P 500 over the last week and month, according to CNBC.
There could be more pain ahead, however, as the coronavirus pandemic slows economic activity around the world, forces store closings, and disrupts global supply chains.
Apple on Saturday said that it would shutter all of its stores outside of China until at least March 27 to slow the spread of the virus. The announcement from the company came after it said in February that it would likely miss its quarterly revenue forecast due to the coronavirus outbreak.
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