US stocks tanked $1 trillion in just four days, Trump-China trade war to blame
In a shocking start to December, US stocks plummeted in value by about $1 trillion in just four days of trading.
The Russell 3000 in New York took a 4.9-percent plunge as of Friday, as concerns about slowing global growth as well as the ongoing trade war between the US and China deepened a six-week rout in American stocks.
Technology giant Apple lost 5.4 percent of its value, slipping to $45 billion, while Amazon suffered a 3 percent slide that left it worth $24 billion less than what it was a week before, Bloomber reported.
“What the market is doing is repricing stocks, particularly those that have performed extraordinarily well, to a lower growth rate,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co., told Bloomberg.
“When you’re going through corrections or drawdowns, you get the feeling like they have never happened or that they never will end,” he said.
This is bad news for investors, who entered December looking forward to compensate a portion of October’s losses, which reached around $2 trillion.
Big technology stock commonly known as FANG-- Facebook, Amazon, Netflix and Google parent Alphabet— were hit the hardest.
Amazon ended the month down 20.2 percent, and Netflix ended 19.3 percent down. Both companies lost many investors after publishing their earnings reports.
Facebook and Alphabet, meanwhile, finished October 7.7 percent and 9.7 percent down in value, respectively.
Bespoke Investment Group warned last month that the third-quarter stocks earnings season for 2018 was on track to become the worst since 2011.
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