Shares fell 4.1%, their biggest intraday percentage decline since October last year
Microsoft Corp. fell sharply on Tuesday, eventually leading a decline in large-cap internet and technology stocks.
Shares in the software company fell about 4.1% in their biggest intraday percentage decline since October 2020. The day’s slide wiped out more than $ 100 billion from its market valuation. However, even with the decline, Microsoft’s stock is up more than 45% this year.
The pullback on the day comes amid an overall negative session for US stocks, following the release of the most recent data on inflation and before the announcement of key decisions by several central banks, notably the Federal Reserve Bank of The United States, which is expected to turn to a more restrictive stance on Wednesday. The S&P 500 index was down 1.1%, while the Nasdaq 100, of primarily tech stocks, was down 1.8%.
Among other big names, Alphabet Inc. was down 2.9%, Amazon.com Inc. was down 1.6% and Meta Platforms Inc. was down 1.4%. For its part, Apple Inc. fell 1.4% despite an improvement in its recommendation by Bank of America.
I’m a science journalist and host of Cosmic Controversy (brucedorminey.podbean.com) as well as author of “Distant Wanderers: the Search for Planets Beyond the Solar System.” I primarily cover aerospace and astronomy. I’m a former Hong Kong bureau chief for Aviation Week & Space Technology magazine and former Paris-based technology correspondent for the Financial Times newspaper who has reported from six continents. A 1998 winner in the Royal Aeronautical Society’s Aerospace Journalist of the Year Awards (AJOYA), I’ve interviewed Nobel Prize winners and written about everything from potato blight to dark energy. Previously, I was a film and arts correspondent in New York and Europe, primarily for newspaper outlets like the International Herald Tribune, the Boston Globe and Canada’s Globe & Mail. Recently, I’ve contributed to Scientific American.com, Nature News, Physics World, and Yale Environment 360.com. I’m a current contributor to Astronomy and Sky & Telescope and a correspondent for Renewable Energy World. Twitter @bdorminey