$1 trillion wipeout: Market rout punishes megacap tech

The tech-heavy Nasdaq was down more than 3% following the index's steepest three-week slide in two years.As U.S. markets opened for trading on Monday, tech's megacap companies lost about $1 trillion in market cap, deepening a downturn that sent the Nasdaq into correction territory last week.shed more than $300 billion in market cap at the opening bell, though it quickly recovered about half of its loss. Shares of the chipmaker were down 7% just after 10 a.m. ET.

Markets fell broadly on Monday as concerns about a recession stemming from disappointing economic data last week pushed Japan'sdown 12% on Monday, its worst day since the 1987 "Black Monday" crash on Wall Street. Bitcoin plummeted 11%, leading a sell-off in cryptocurrency and related stocks.in two years. Amazon, Alphabet and Microsoft all gave Wall Street reasons for concern in their reports, contributing to a slide among their peers.

Nvidia reports earnings later this month. The company has generated revenue growth in excess of 200% for the past three quarters.Nvidia could be on the verge of a massive technical sell-off, chart analyst warns

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These Billionaires Lost The Most During Monday’s Stock Market SlideDerek Saul is a New Jersey-based Senior Reporter on Forbes' news team. He graduated in 2021 from Duke University, where he majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper, joining Forbes soon thereafter.
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