The technology sector is feeling the effects of the coronavirus pandemic on several fronts. The reduction in production has been decreasing its stocks, in addition to the limitation of logistics due to the drop in employees who have to stay at home due to contagion. Events have also been canceled or changed to digital versions. And all of this has caused enormous uncertainty for investors on Wall Street, which is devaluing companies on the stock exchange.
According to CNBC, the five major technological companies: Amazon, Apple, Alphabet, Facebook and Microsoft added a devaluation of 416.63 billion dollars on the stock exchange. This is the second time that companies have sunk this week, after on Monday they also added a devaluation of 320 billion dollars and recovered a little over the next two days.
This Thursday, all of them registered a decrease in value almost in the double digits, being Apple the one that fell the most: 9.88%. Microsoft followed with 9.48%, Facebook with 9.30%, Alphabet 8.2% and Amazon 7.98%. Investors are expectant about how business is going and how people's fears could affect their consumption, which is contributing to a recession in the economy. It is said that the main indices are registering similar falls to the market crash in 1987, the so-called black Monday.
It should be recalled that the coronavirus has already caused a loss of about 500 billion dollars in the economy of the events of the technology industry. The Mobile World Congress (MWC), alone, is responsible for a fall of about 480 million dollars. And this is data from last week, before the cancellation of E3, GDC and other technological events around the world. But they include the cancellation of Google I / O and Facebook F8, events that have an impact on the economy of the cities where they are held.