Shares of Alphabet Inc. sank 3.5% in morning trade, enough to drag the internet giant's market capitalization below the trillion-dollar mark for the first time since Feb. 5. The stock's price decline of $51.34 shaved about $35.3 billion off Alphabet's market cap, which fell to $984.3 billion. The selloff comes amid a sharp broader-market decline\--the Dow Jones Industrial Average tumbled 731 points, or 2.5%, as the global spread of COVID-19 stoked fears of a potential economic slowdown. Alphabet's departure leaves just three companies in the trillion-dollar club, which were Microsoft Inc. with a market cap of $1.319 trillion, Apple Inc. at $1.316 trillion and Amazon.com Inc. at $1.006 trillion. Read More...
Shares of Alphabet Inc. sank 3.5% in morning trade, enough to drag the internet giant’s market capitalization below the trillion-dollar mark for the first time since Feb. 5. The stock’s price decline of $51.34 shaved about $35.3 billion off Alphabet’s market cap, which fell to $984.3 billion. The selloff comes amid a sharp broader-market decline\–the Dow Jones Industrial Average tumbled 731 points, or 2.5%, as the global spread of COVID-19 stoked fears of a potential economic slowdown. Alphabet’s departure leaves just three companies in the trillion-dollar club, which were Microsoft Inc. with a market cap of $1.319 trillion, Apple Inc. at $1.316 trillion and Amazon.com Inc. at $1.006 trillion.
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