Microsoft Corp. fell sharply on Tuesday, eventually leading a slide among large-cap internet and technology stocks.
Shares of the software company fell about 4.1% in their biggest intraday percentage decline since October 2020.
The day’s crash wiped out more than $ 100 billion from its market valuation. However, even with the decline, Microsoft maintains an increase of more than 45% for this year.
The pullback on the day comes amid an overall negative session for US stocks, a slide that follows the release of the most recent inflation data and precedes key decisions by a number of central banks, notably the The US Federal Reserve, 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%. Apple Inc. fell 1.4% despite an improvement from Bank of America.
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