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10 May, 2022 13:07

Investors dump Apple for Campbell Soup

Tech giants have lost $1 trillion in value in recent days amid market uncertainty
Investors dump Apple for Campbell Soup

Key global technology giants have lost over $1 trillion of their value in the last three days of trading amid a stock selloff in the US, CNBC reported on Monday.

Apple has shed $220 billion in market capitalization since Thursday, Microsoft is down around $189 billion, while Tesla and Amazon also suffered big losses, according to figures provided by the outlet.

This comes amid a wider selloff in US markets, which fell sharply on Thursday after the US Federal Reserve hiked its benchmark interest rate on Wednesday. The downturn carried over into Monday and over the last three days, the Dow Jones ended up plummeting more than 5%, the S&P 500 shed 7%, and the Nasdaq Composite lost around 10%.

More traditional stocks, meanwhile, such as food companies Campbell Soup, General Mills and J.M. Smucker, have been on the rise, as investors seem to be preferring safer parts of the market at a time of economic uncertainty.

The US central bank’s 50 basis-point hike on Wednesday, the biggest since the year 2000, came amid intensifying efforts to tackle soaring inflation. The cost of living in the US is being driven higher by surging energy prices as a result of Ukraine-related sanctions against Russia, a major energy exporter.

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