Tech giants lost more than $1 trillion in value in the last three trading days

Technology companies have lost over $1 trillion in value in just three trading sessions.

Technology has suffered more pain than other sectors of the economy since the Federal Reserve raised its benchmark interest rate. During a strong bull market in recent years, investors have become less interested in what drives business, and are now pushing more money towards safer pockets of the market, such as Campbell Soup, General Mills and J.M. Smucker.

On Wednesday, the day the Fed Chairman declared that there were no plans for a rate hike more than half a percentage point, Apple lost $220 billion in value.

The markets moved up on Powell's comments, but the optimism faded over the next few days. The stock market went down on Thursday, fell again on Friday and then fell again on Monday. The S&P 500 U.S. stock index fell below the $4,000 mark on Monday, having declined by 7% since Wednesday's close, while the Invesco Nasdaq 100 ETF is off by nearly 10% during the same period.

The last three trading days were big losses.

• Microsoft has lost around $189 billion in value.
• Tesla's markdown registers at $199 billion, months after seeing its valuation fall below $1 trillion.
• Amazon's market capitalization has declined by $173 billion.
• Alphabet, Google's umbrella company, is worth $123 billion less than it was last week.
• Graphics card maker Nvidia's loss stands at $85 billion.
• And Facebook parent Meta Platforms has lost $70 billion in value.

Laura Martin says they like Big Tech stocks like Amazon and Apple.