American tech giants have lost over $200 billion in market value in early trading, with investors shifting to bonds amid the rise in yields, Bloomberg reported.
- All components of the NYFANG+ index were in negative territory on Tuesday, with over $210 billion lost in market capitalization. Investors moved to bonds in anticipation of the Federal Reserve’s tapering.
- The biggest market capitalization loss was recorded by Alphabet Inc., which declined by $66 billion, Amazon.com Inc. by $41 billion, Apple Inc. by $34 billion, and Facebook Inc. by $32 billion.
- In terms of percentage change premarket, the biggest decline was registered by Twitter Inc., which fell 4.7%, Nvidia Corp. by 4.0%, Alphabet Inc. by 3.5%, Facebook Inc. by 3.2%, and Amazon.com Inc. by 2.4%.
Researchers believe the market was surprised by the surprise acceleration of bond yields, with the US 10-year Treasury yields up as much as 1.55%.
GOOG is down 3.73%, AMZN down 2.78%, AAPL down 1.84%, FB down 3.63%, and NMS down 3.84%.