Courtesy of Pam Martens
Trading in the Dow Jones Industrial Average Components on the Morning of Tuesday, March 27, 2018 Was Extremely Erratic
By Pam Martens and Russ Martens: March 28, 2018
After experiencing carnage at the end of last week, the Dow Jones Industrial Average lost 344.8 points yesterday or 1.43 percent of its value. But the tech-heavy Nasdaq closed down with a percentage loss of more than twice that amount at minus 2.93 percent.
Individual tech stocks far outpaced the losses in the broader market with Facebook closing down 4.90 percent; Alphabet (parent of Google) closing down 4.57 percent; Microsoft ending the session with a loss of 4.60 percent; Amazon down 3.78 percent; and Apple losing a more modest 2.56 percent.
Wall Street’s love affair with tech is rapidly turning into a “stormy” relationship. Back on August 27, 2015, we quoted Tan Teng Boo, the founder and CEO of Capital Dynamics, saying that just five U.S. stocks — Apple, Google, Microsoft, Facebook, and Amazon — are worth more than the Frankfurt, Germany stock market, which represents the fourth largest economy in the world.
At that time we checked his math and found on that day of August 27, 2015 the following market caps for the five stocks: Apple $625.532 billion; Google, $440.767 billion; Microsoft, $341.594 billion; Facebook, $245.795 billion and Amazon, $234.215 billion. The total market cap for the five — $1.889 trillion.
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