Amazon, Apple, Facebook, Google and Microsoft lost $228 billion in the US stock market in two trading days ahead of the September deadline for imposing additional tariff on Chinese goods by the Trump administration.
Loss making companies in the US stock market
The Big Tech companies reported a net loss of $66 billion on the last trading day of the week. These firms again reported loss of $162 billion in the opening week. Out of the five companies, Apple was the worst hit with its market value plummeting by 5.2%. Monday was the worst trading day for Apple after May 13 when it reported a loss of 5.8%. Apple depends on Chinese market for sale and production.
Facebook was the second worst hit company. This media giant saw its market value plummeting to 4.6%. Google’s parent company Alphabet reported a loss of 3.4%. Microsoft and Amazon reported a loss of 3.4% and 3.1% respectively.
Apple’s soaring sales will have no impact
Apple Inc. reported good revenue in the recent quarterly results but the stock market experts see just the opposite. The soaring sales and profit won’t be able to strengthen its stocks in the coming days.
The US-China trade war
From September, the Chinese goods including Apple products will have to pay 10% additional surcharge in the US. China exports goods worth $300 billion to the US every year. For more information please visit our latest trending News