The stock market took a nosedive today, with technology stocks taking the biggest hit.

The August inflation report sends tech stocks tumbling.

The consumer price index was up 0.1% for the month and was up 8.3% year over year, even as gas prices fell.

The six largest U.S. tech companies lost more than $500 billion in value Tuesday after an unexpectedly high August inflation report sent tech stocks tumbling. The consumer price index was up 0.1% for the month and was up 8.3% year over year, even as gas prices fell.

The Invesco QQQ ETF, an exchange-traded fund tracking the 100 most highly valued non-financial companies listed on Nasdaq, endured a 5.5% decline in its worst trading day since March 2020. The fund's top 10 holdings include Apple, Microsoft, Amazon, Alphabet, Meta and Nvidia.

The Invesco QQQ ETF, an exchange-traded fund tracking the 100 most highly valued non-financial companies listed on Nasdaq, endured a 5.5% decline in its worst trading day since March 2020.

The Nasdaq Composite sank 5.16% to end the day at 11,633.5, steeper than any day since June 2020. The Dow Jones Industrial Average slid 1,276 points, or 3.94%, to close at 31104 and the S&P 500 dropped 432% to 3932.69.

Here are the companies that posted some of the biggest losses:

Apple lost $154.11 billion in market cap and fell 5.87%, its steepest drop since Sept. 2020

Microsoft lost $109.33 billion and fell 5.5%, its steepest drop since Sept. 2020

Alphabet (which owns Google) lost $85.32 billion and fell 5.9%, its steepest drop since Mar. 2020

Amazon lost $98.11 billion and fell 706%, its steepest drop since May 2022

Meta (formerly Facebook) lost $42.55 billion and fell 937%, its steepest drop since Feb. 2022

Nvidia lost $3421 billion and was down 947%, its steepest drop since March 2020

The August inflation report is one of the last the Fed will see ahead of their Sept. 20-21 meeting. The report could lead the Fed to continue its aggressive hikes longer than some investors anticipated.

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The six largest U.S. tech companies lost more than $500 billion in value.

Apple lost $154.11 billion in market cap and fell 5.87%, its steepest drop since Sept. 2020.

Apple Inc. (AAPL) shares tumbled Tuesday after the company was downgraded by Goldman Sachs, with the investment bank citing concerns about iPhone demand in the wake of a global chip shortage.

Goldman Sachs analyst Rod Hall cut his rating on Apple to "sell" from "neutral," saying a "significant shortfall" in iPhone shipments is likely in the second half of 2021 due to the semiconductor constraint.

Hall slashed his price target on Apple's stock to $450 from $520, representing about 27% downside to Monday's close.

Apple shares were down 5.9% at $460.83 in premarket trading Tuesday, after falling as much as 6%. The stock closed at a record high of $503 on Jan. 25 but has since pulled back amid a broader sell-off in technology stocks and concerns about rising interest rates and inflation.

Microsoft lost $109.33 billion and fell 5.5%, its steepest drop since Sept. 2020.

Microsoft Corporation (MSFT) shares fell sharply on Tuesday after Goldman Sachs downgraded the stock, citing concerns that the software giant's growth may slow as it moves beyond its core businesses of personal computing and productivity software into newer areas such as cloud services and artificial intelligence (AI).

In a note to clients, Goldman analyst Heather Bellini said she expects Microsoft's revenue growth to decelerate from an estimated 20% this fiscal year to 17% next fiscal year and 14% in fiscal 2023, below Wall Street consensus estimates of 18%, 16% and 15%, respectively.

Bellini also lowered her price target on Microsoft's stock to $265 from $285, representing about 7% downside to Monday's close.

Microsoft shares were down 5% at $247 in premarket trading Tuesday following the downgrade announcement. The stock has gained about 30% over the past 12 months, outperforming the broader market.

Alphabet (which owns Google) lost $85.32 billion and fell 5.9%, its steepest drop since Mar. 2020.

Alphabet Inc.'s (GOOGL) Google unit was hit with a $1.7 billion fine by European antitrust regulators on Tuesday, the latest in a series of penalties imposed on the company for violating competition rules.

The European Commission said Google had abused its dominant position in the online advertising market by imposing "unfair" terms on rivals, preventing them from placing their search ads on third-party websites.

Google has been fined more than $9 billion by European regulators since 2017 for antitrust violations, including a record $2.7 billion penalty in 2018 for abusing its dominance of the online search market.

The company said it "disagrees" with the latest decision and is considering an appeal. Alphabet shares were down 5% at $1,837 in premarket trading Tuesday following the announcement of the fine.

Amazon lost $98.11 billion and fell 7.06%, its steepest drop since May 2022.

Amazon.com, Inc.'s (AMZN) Prime Day shopping event began on Monday amid concerns that delivery delays and out-of-stock items could dampen sales growth for the e-commerce giant this year.

Prime Day is a two-day sale event held annually for Amazon Prime members, offering discounts on a wide range of products across categories including electronics, home goods, fashion and more.

Amazon said it expects sales to exceed last year's Prime Day total of $10 billion, which would make it the biggest shopping event in the company's history. However, analysts are expecting only modest growth due to pandemic-related challenges such as shipping delays and inventory shortages.

Amazon shares were down 7% at $3,141 in premarket trading Tuesday as the company's Prime Day event got underway. The stock has gained about 70% over the past 12 months, outperforming the broader market.

Meta (formerly Facebook) lost $42.55 billion and fell 9.37%, its steepest drop since Feb. 2022.

Facebook Inc.'s (FB) stock tumbled on Tuesday after a report that the social media giant is facing antitrust investigations by both the U.S. Federal Trade Commission and 48 state attorneys general.

The Wall Street Journal reported that the FTC is investigating whether Facebook violated antitrust laws by using its vast trove of user data to stifle competition, while the state attorneys general are looking into whether the company's acquisition of Instagram and WhatsApp violated antitrust laws.

Facebook shares were down 9% at $245 in premarket trading Tuesday following the news of the antitrust investigations. The stock has gained about 30% over the past 12 months, outperforming the broader market.

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The August inflation report is one of the last the Fed will see ahead of their Sept. 20-21 meeting.

The report could lead the Fed to continue its aggressive hikes longer than some investors anticipated.

The August inflation report is one of the last pieces of data the Fed will see before their meeting on September 20-21, at which they are widely expected to announce another interest rate hike. The report showed that consumer prices were up 0.1% for the month and 8.3% year over year, even as gas prices fell. This was higher than economists had expected, and it sent tech stocks tumbling.

The Invesco QQQ ETF, an exchange-traded fund tracking the 100 most highly valued non-financial companies listed on Nasdaq, endured a 5.5% decline in its worst trading day since March 2020. The fund's top 10 holdings include Apple, Microsoft, Amazon, Alphabet, Meta and Nvidia.

The Nasdaq Composite sank 5.16% to end the day at 11,633.5, steeper than any day since June 2020. The Dow Jones Industrial Average slid 1,276.37 points, or 3.94%, to close at 31,104.97 and the S&P 500 dropped 4.32% to 3,932.69.

Some of the biggest losers were Apple, which lost $154 billion in market cap; Microsoft, which lost $109 billion; Alphabet (which owns Google), which lost $85 billion; Amazon, which lost $98 billion; and Facebook (now known as Meta), which lost $42 billion.

This report could lead the Fed to continue its aggressive hikes longer than some investors anticipated. The Fed has said that it plans to keep rates near zero until inflation has reached 2% and is on track to hit that target. With inflation now at 8.3%, it is clear that the Fed will need to continue its aggressive hikes in order to reach its target. This could lead to further losses in the stock market, as investors adjust to the new reality of higher interest rates.

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