Since the US stock market peaked on a closing basis back on September 20th, Russell 3,000 stocks have collectively lost roughly $3.5 trillion in market cap. Breaking the losses down by market cap, the 50 largest stocks in the US have lost roughly $1.25 trillion in market cap, while the 2,000 smallest have lost $350 billion.
Below we show Russell 3,000 sector market caps as they stood on 9/20 and as they stand now, while in the second chart we show the change in market caps since 9/20.
As shown, Technology has lost by far the most market cap since the peak at -$758.8 billion, which isn’t surprising given that it’s the largest sector of the market. Financials have lost the second most at -$579.6 billion, followed by Industrials at -$521.1 billion and Consumer Discretionary at -$486.2 billion.
One sector — Utilities — has actually seen an increase in market cap since 9/20 as investors have rotated out of cyclicals and into defensives.
Below is a list of the individual stocks that have lost the most market cap since the 9/20 peak. Amazon.com (AMZN) has lost the most at -$195.85 billion, while Alphabet (GOOGL) ranks second worst at -$113 billion. Microsoft (MSFT), Facebook (FB), and Berkshire Hathaway (BRK/B) round out the top five with losses of more than $50 billion each.