Tech megacaps lose $1.8 trillion in 2 days as Trump tariffs lead Nasdaq to worst weekly drop in 5 years
Tech megacaps lose $1.8 trillion in 2 days as Trump tariffs lead Nasdaq to worst weekly drop in 5 years
Technology stocks fell for a second day Friday as retaliatory tariffs from China fueled fears of a global trade war.
KEY POINTS
- The so-called Magnificent Seven stocks lost a combined $1.8 trillion in market value over the last two trading sessions.
- Apple led the losses for the group shaving off more than $533 billion in market capitalization.
- The Nasdaq recorded its worst week since 2020 as markets responded to mounting fears of a global trade war that could push the U.S. into a recession.
Goddamn there's being a pathetic simp, and then there's wearing a "Trump was right about everything" hat. People theorize that Musk is the boss in their relationship but I bet some trump crony put the hat in his hands and said "wear it". And he did. And then later asked if trump saw him wearing it.
Worst weekly drop in only 5 years? Buckle up, we're not stopping until we set the 100 year record!
i mean they dint pay 2.7 trillion taxes, so this can be fair game to them. maybe this is a way to tax the rich, but making lose almost as much.
I imagine a lot of this data is because they are the ones cashing out so I don't know how accurate this is. I feel Its more likely the American population's 401k are losing the value here. Billionaires selling off billions vs my measly 100k is going to have a more dramatic market effect. If that's the case hopefully we see some massive capital gains tax... But my guess is this money is being reinvested somewhere else or offshored.
Does anyone else not know how to feel about this?
Gleeful that the megacaps just got their genitals fed into a meat grinder, but pissed off that it probably won’t do shit in the long run, and sad for whatever repercussions await those not even tangentially involved far, far down the economic chain. Best I can do.
Don't worry the 1% makes huge amounts of profits when the market crashes and even more when it goes back up.
they will just get golden parachutes, after eliminating some low level employees, rinse and repeat, from a mba.
Terrified of the possibility of a repeat of the 2008 financial crisis. Having grown up watching my family get through it did not endear me to the prospect of going through it myself. I was making good money 6 years ago. We are scraping by today. If things get as bad as 2008 again, I honestly have no idea what we'll do.
This is going to make '08 look like a picnic.
I'm quite happy tbh. The 1% are starting to feel the same anxiety most of us feel every single day
The sell off is the 1%. They aren’t gonna be hurting, they want the crash to buy the dip
What was going on five years ago?
Covid
I’m wondering if Trump’s corporate backers are tired of winning yet. Who knows what other wins are coming from the mad king in the future. I’m sure they’ll get tired eventually.
The problem is that, as people say, the people who are rich enough never lose. They can parse any situation into greater wealth. It's us little people who always lose.
Probably was just the dump part of a pump and dump on the entire market
"Its evolution baby !"