Nearly a fifth of the S&P 500 index sank to new 52-week lows Thursday led by some of the biggest names in the tech sector.
By early afternoon trading Thursday, at last check, the stock prices of 96 companies on the S&P 500
touched fresh 52-week lows, according to FactSet data, with $1.755 trillion market cap Microsoft Corp.
and $1.26 trillion Google parent Alphabet Inc.
the largest on that list.
At $2.275 trillion, the S&P 500’s largest company by market cap, Apple Inc.
last had its shares at a 52-week low back in June. Rounding out the S&P 500’s largest five companies, both $1.158 Amazon.com Inc.
and $836.42 billion Tesla Inc.
last hit their 52-weeks lows on May 24.
Of the 96 companies hitting 52-week lows on Tuesday, 21 either belong to the S&P 500’s tech sector or belong to its communications services sector which has a large tech presence like Amazon or AT&T Inc.
Other tech companies with a market cap of $50 billion or more hitting 52-week lows Thursday include Nvidia Corp.
Advanced Micro Devices Inc.
and Lam Research Corp.