By Wallace Witkowski
Nearly a fifth of the S&P 500 index sank to new 52-week lows Thursday led by some of the biggest names in the tech sector.
By early afternoon trading Thursday, at last check, the stock prices of 96 companies on the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.75% touched fresh 52-week lows, according to FactSet data, with $1.755 trillion market cap Microsoft Corp. /zigman2/quotes/207732364/composite MSFT +1.24% and $1.26 trillion Google parent Alphabet Inc. /zigman2/quotes/205453964/composite GOOG -1.26% /zigman2/quotes/202490156/composite GOOGL -1.30% the largest on that list.
At $2.275 trillion, the S&P 500’s largest company by market cap, Apple Inc. /zigman2/quotes/202934861/composite AAPL +1.21% , last had its shares at a 52-week low back in June. Rounding out the S&P 500’s largest five companies, both $1.158 Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +2.14% and $836.42 billion Tesla Inc. /zigman2/quotes/203558040/composite TSLA -0.34% , last hit their 52-weeks lows on May 24.
Of the 96 companies hitting 52-week lows on Tuesday, 21 either belong to the S&P 500’s tech sector or belong to its communications services sector which has a large tech presence like Amazon or AT&T Inc. /zigman2/quotes/203165245/composite T -0.93%
Other tech companies with a market cap of $50 billion or more hitting 52-week lows Thursday include Nvidia Corp. /zigman2/quotes/200467500/composite NVDA +6.51% , Broadcom Inc. /zigman2/quotes/200646538/composite AVGO +2.43% , Oracle Corp. /zigman2/quotes/202180826/composite ORCL +1.64% , Qualcomm Inc. /zigman2/quotes/206679220/composite QCOM +2.99% , Intel Corp. /zigman2/quotes/203649727/composite INTC +0.39% , Advanced Micro Devices Inc. /zigman2/quotes/208144392/composite AMD +0.47% , and Lam Research Corp. /zigman2/quotes/208077897/composite LRCX +2.41%