BlockBeats News, March 28th, the three major indexes, S&P 500, Nasdaq, and Dow Jones, all fell this week, marking the longest continuous five-week decline since 2022. The combined market value of the seven technology giants shrank by approximately $870 billion in a single week, with Nasdaq retreating more than 13% from its high last October.
This week, the U.S. stock market weakened significantly under multiple bearish factors. As of Friday's close, the Dow Jones plummeted by 793 points in a single day, the S&P 500 hit a new low for seven months, and the Nasdaq further deepened into a technical correction zone. The average maximum drawdown of the S&P 500's five hundred component stocks has reached 17%, while Nasdaq's component stocks have an average maximum drawdown of up to 31%, with the actual damage far more severe than the index numbers suggest.
The technology sector was hit the hardest. Meta plunged by about 12% in a single week due to a double blow from losing two child safety lawsuits and announcing layoffs; Tesla and Amazon also fell by over 3% each; Nvidia dropped nearly 5% due to the drag from the expected contraction in AI capital spending.
The combined market value of the "Seven Tech Giants" evaporated by approximately $870 billion throughout the week, equivalent to over 63 trillion RMB. From a market structure perspective, the breadth and depth of this decline are not to be underestimated. Although the major indexes fell between 7% and 13%, more than half of the stocks have fallen more than 20% from their respective highs, entering a technical bear market territory.
