February 3rd will go down as a day of exceptional market turbulence, with the Dow Jones Industrial average down -1.45% and the benchmark S&P 500 down -2.4%. But it is the technology stocks that fared worst, with the Nasdaq 100 Index down -4.22%.
The biggest seem to have fallen hardest. Meta Platforms (Nasdaq: FB) led the way with a -26% loss in one day, slashing $253bn off its valuation, in what turned out to be the biggest single-day slide in market value for a US company. In its wake followed a roll call of flagship technology players – Amazon (-7.8%), Marvell Technology (-7.36%), Zoom Video (-6.87%), Paypal (-6.24%), Netflix (-5.56%), and dozens more. Typically, these companies have enjoyed standout performances in 2021, thriving in the unique circumstances created by the pandemic lockdowns. But now it looks like 2022 will be a challenging year of transitioning to a new normal.
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