Tech stocks crushed in market selloff

The six largest US tech companies lost more than $500 billion in value on Tuesday. Even though gas prices fell, the consumer price index was still up.

It was the worst trading day of the year for the QQQ fund, which tracks the 100 most valued non financial companies. Apple, Microsoft, Amazon, and Meta are some of the fund's holdings.

It was the worst day for the index since June 2020. The S&P 500 dropped 4.32 points to 3,912.69 and the Dow Jones Industrial Average lost 1,272.37 points to 31,104.97

Some of the biggest losses are listed here.

• Apple lost $154.11 billion in market cap and fell 5.87%, its steepest drop since Sept. 2020
• Microsoft lost $109.33 billion and fell 5.5%, its steepest drop since Sept. 2020
• Alphabet (which owns Google) lost $85.32 billion and fell 5.9%, its steepest drop since Mar. 2020
• Amazon lost $98.11 billion and fell 7.06%, its steepest drop since May 2022
• Meta (formerly Facebook) lost $42.55 billion and fell 9.37%, its steepest drop since February 2022
• Nvidia lost $34.21 billion and was down 9.47%, its steepest drop since March 2020.

One of the last inflation reports the Fed will see is the August report. The report could cause the Fed to keep hiking longer.