Tech stock tailspin wipes over $80 billion in value from top companies

Key Points
  • Facebook started the tech slide last week, and it continued through trading on Monday.
  • Amazon, Alphabet, Microsoft and Facebook each last more than $10 billion in market cap.
JTgray| iStock | Getty Images

After leading the stock market's rally to new heights this year, shares of technology companies plunged on Monday, with the 10 most valuabe U.S. tech companies losing $82.7 billion of value.

Amazon fell by $18.6 billion and Microsoft by $17.7 billion. Among the 10 highest valued companies in the sector, only Intel rose on Monday, closing up by just 1 cent.

Facebook continued a steep slide that started after its earnings report last week, dropping 2.2 percent on Monday, and slashing $11.1 billion from its market capitalization. Netflix had the biggest percentage drop among the top 10, falling 5.7 percent and losing $8.8 billion in value

Should you be worried about F.A.N.G. dominance?

Investors are showing skittishness towards the stocks that have most outperformed the market lately. Tech stocks have been such standouts that the five most valuable U.S. companies all come from that sector and are located between Silicon Valley and Seattle.

Three-quarters of the companies in the Nasdaq 100 Index fell. The Standard & Poor's 500 technology group, which has gained more than twice as much in the past year as the broader S&P 500, dropped 1.8 percent on Monday.

10 most valuable U.S. tech companies

Company% changeMarket cap change
Apple(-) 1.1%(-) $5.3 bln
Amazon(-) 2.1%(-) $18.6 bln
Alphabet(-) 1.8%(-) $15.9 bln
Microsoft(-) 2.2%(-) $17.7 bln
Facebook(-) 2.2%(-) $11.1 bln
Intel(+) .02%(+) $46.1 mln
Cisco(-) 0.9%(-) $1.8 bln
Oracle(-) 1.9%(-) $3.6 bln
Netflix(-) 5.7%(-) $8.8 bln