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Tech stocks crushed in market selloff

September 14, 2022 : Permanent Link

(CNBC) The six largest U.S. tech companies lost more than $500 billion in value Tuesday after an unexpectedly high August inflation report sent tech stocks tumbling. The consumer price index was up 0.1% for the month and was up 8.3% year over year, even as gas prices fell. The Invesco QQQ ETF, an exchange-traded fund tracking the 100 most highly valued nonfinancial companies listed on Nasdaq, endured a 5.5% decline in its worst trading day since March 2020. The fund’s top 10 holdings include Apple, Microsoft, Amazon, Alphabet, Meta and Nvidia.

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