the Largest tech company in the world Amazon, Apple, Google, Facebook and Microsoft have lost a total of $416,63 billion amid falling markets due to pandemic coronavirus and economic uncertainty.
shares of Apple fell by 9.88% quotes Facebook declined to 9.30%, shares of Google fell by 8.2%, Amazon is by 7.98% and Microsoft — by 9.48%. Investors continue to worry about the spread of the coronavirus and its potential impact on the economy.
it Seems that investors care about how much consumers and businesses will cut spending if the economy will go into recession. There are additional concerns about the limitations of supply chains in production.
the impact of the epidemic especially painful for Apple, as China concentrated core power its manufacturing partners. Apple has already warned that the outbreak COVID-19 will have a negative impact on the company’s revenue. Analysts at Needham & Company believe that the return to normal situation with the demand and supply can only by June 2020, two months later than previously expected.
Amazon, Facebook, and Google sent employees to work from home: from 34% to 76% of their employees work remotely. Twitter also has almost closed the offices for the workers and Apple sent 12 thousand employees of the headquarters in California for remote work.
the Sellers working with Amazon, told CNBC that fear interruptions in the delivery of goods, because of the outbreak of coronavirus factories in China don’t work, stocks of goods in warehouses gradually come to an end, and refill them with nothing.
Google and Microsoft have already announced the provision of free versions of the software G collaboration Suite, and Microsoft Teams. Thus, the users of all tariff packages free of charge to organize a conference call for up to 250 people.
shares of all five companies in this year fell: Facebook – 24.7%, Google — 17.0%, Apple 15.5%, Microsoft — by 11.8%, Amazon — by 9.3%.
the Dow Jones Industrial lost of 9.33%, which was the worst drop since 1987. The S&P 500 and Nasdaq also fell by 9.51% and 9.43%, respectively. And this is not the first such drop in history. So, in 1929, during the “Black Tuesday” the market has lost more than $30 billion. In “Black Tuesday” in 1987 the Dow dropped 22.6% in one day.