Another day, another stock market setback for once high-flying technology companies, which have lost roughly $1 trillion in the latest stock market slide.
Shares of the core group of consumer technology companies including Facebook, Amazon, Apple, Alphabet, and Netflix are falling again — contributing to the big indexes like the Dow Jones Industrial Average and the S&P 500 sliding into negative territory for the year.
This collapse is thanks in part to rising interest rates that have investors looking for a more stable return profile than placing bets on high-growth technology companies. There’s also some concern that maybe growth won’t be so high for these technology giants as they enter their teenage and twenty-something years as public companies.
It’s also happening against the backdrop of an overall economic picture that looks less rosy for the United States. Single family housing starts, which are considered a bellwether for the nation’s economic health are still down from thei..