The U.S. stock market crashed on Friday leading to a massive bloodbath in the charts with tech giants plummeting double digits. The fear of a recession in the U.S. is looming and analysts predict it could mirror the 2008 financial crisis. Jobs could become scarce paving the way for a decline in consumerism across the U.S.
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A recession in the U.S. could spill over to the global financial sector as the dollar is interconnected with the world’s economy. After the U.S. market crash, the stock markets in Asia received a beating in the charts on Monday. India’s Sensex, Japan’s Nikkei, and Taiwan Stock Exchange plunged right from the opening bell.
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U.S. Stock Market: Tech Giants Tumble More Than 10%
Leading U.S. tech giants like Google’s parent company Alphabet, Microsoft, Amazon, and Apple, among others nosedived by more than 10%. The crash shed a major portion of their value burning a bigger hole in investor’s portfolios. The fall is expected to continue as confidence in the market is eroded. Swift decisions by the Feds such as interest rate cuts could bring in optimism and revive the U.S. stock market.
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Below is the list of the top U.S. tech giants that lost more than 10% in the stock market charts.
Intel Corp -26%
Google -11%
NVIDIA -11%
Amazon -10%
Apple -10%
Meta -10%
Tesla -10%
Microsoft -9%
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According to the recent data, Friday’s dip is the worst intra-day crash in over 40 years as recession worries mount. Analysts predict that the market has ignited a ticking time-bomb and U.S. tech stocks could explode further in value. The Nasdaq Composite, Dow Jones Industrial Average, and the S&P 500 index remain at risk of a sharp decline. Therefore, investing in index funds currently could be a bad idea as the scale of the fall could be worrisome.