The tech stock market crash on Thursday in the US led to the second largest single-day market cap evaporation of the 'seven giants' stocks in history.
In Thursday's trading, all seven of these stocks fell, with declines of at least 2.3%. According to data from Dow Jones market Data, their total market cap evaporated by $598 billion in a single day, the biggest single-day loss since a loss of $602 billion on February 3, 2022.
Tesla was the biggest loser among these stocks, falling by 8.44%, ending its 11-day rising trend and registering its biggest single-day drop since a 12.1% drop on January 25. Earlier reports indicated that the company plans to postpone the release of its self-driving taxi from August to October.
Nvidia and Meta followed closely behind with a single-day drop of more than 4%, and they are also the two stocks with the biggest decline among the 'seven giants' this year. Stocks of Alphabet, Amazon, Apple, and Microsoft also declined slightly.
According to data from Dow Jones market Data, the last time all seven of these stocks fell by at least 2% was on December 22, 2022.
As large tech stocks softened on Thursday, the latest US CPI data showed inflation was cooling, which gave hope for a Fed rate cut in September. The expectation of a rate cut in turn prompted investors to sell technology stocks and buy stocks of home builders, pool suppliers, and other companies that may benefit from a rate cut.