$1 trillion wipeout: Market rout punishes mega-cap 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 mega-cap 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 selloff 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.

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