A broader market swoon on Monday didn’t spare big U.S. tech firms. Shares of Apple , Microsoft , Google’s parent Alphabet , Facebook , and Amazon.com were all lagging the S&P 500 index in Monday trading.
The S&P 500 was 2% lower, while the tech-heavy Nasdaq Composite was down 2.6% in Monday trading. The slide was likely spurred by a mix of factors amid stretched valuations for stocks. Uncertainty surrounding the potential failure of China’s Evergrande property group, this week’s Federal Reserve policy meeting, and Congressional talks for the budget and debt ceiling likely all played a part.
But big U.S. tech firms had proved resilient to some broader drops in recent years, as the sector saw shares march to record highs despite broader regulatory scrutiny in the U.S. and abroad.
Amazon (ticker: AMZN) stock was down 3.1% to $3,356.59 shortly before noon on Monday. If the numbers hold through closing, it would be the e-commerce and cloud giant’s largest percentage decrease since it fell 7.6% on July 30, and its lowest close since hitting $3,349.63 on Aug. 27, according to Dow Jones Market Data. Shares were down 10% from their record close of $3,731.41 on July 8 but up 3.1% year-to-date.
Facebook (FB) stock was down 2.6% to $355.39, its largest percentage decrease since it fell 4% on July 29, and on track for its lowest close since Aug. 19. The stock is still up 30% year-to-date, but is down 7% from its record close on Sept. 7.
Apple (AAPL) stock, down 2% to $142.97, was on track for its worst day since Sept. 10, when a ruling in a court battle with Fortnite-maker Epic Games suggested the company will need to allow app developers to offer links alternative links to payment methods that bypass its App Store fees. The stock is down 8.8% from its record close of $156.69 on Sept. 7.
Alphabet (GOOGL) stock was down 2% to $2,759.80, which would be its largest percent decrease since it fell 3.1% on May 12. The stock is up 57% year-to-date but off 5% from its Sept. 1 record close at $2,904.31.
Microsoft (MSFT) stock, fresh off a dividend hike last week, was down 1.7% to $294.73. It would be the stock’s lowest close since Aug. 18; since setting a record close on Sept. 16, shares are now down about 3.4%.
Write to Connor Smith at [email protected]