Tech companies lost $258 billion in value over the Sept. 29 trading session as investors fear that recession concerns will cause consumers to reduce their purchases, according to Sept. 30 reporting in The Street.
Apple lost $119 billion in value during the 24-hour trading period. Bank of America analysts pointed to decreased consumer interest in Apple services, such as Apple Store and Apple Health, as reasons for Apple's loss of value.
In addition to curbing consumer spending, a recession could cause large tech firms to cut their marketing budgets, according to the report.
Social media company Meta lost $14.1 billion in value during the trading session, resulting in the company falling out of the top ten most valuable companies.