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.