Increasing interest rates spooked investors on Wednesday, who fled in the stock exchange, worried about the prospects of a significant downturn in economic growth and corporate profits. Tech stocks were hit especially hard.
Though the Standard & Poor’s 500 Index fell more than 3%, most major tech names lost even more. Apple (aapl) fell 4%, Google parent Alphabet (googl) dropped 5 percent, and Amazon (amzn) fell 6%. Last month, the e-commerce beast was the next U.S. public business ever, later Apple, to exceed $1 trillion in stock exchange worth but it’s sold off and fell below that amount. In Wednesday’s near, Amazon’s market cap stood at less than $857 billion.