Now the Giant Tech Stocks and Big Four Banks Got Crushed, Airline Stocks Collapsed | Wolf Street

In dollar terms, $2.4 trillion vanished from their hugely inflated valuations at the high on January 3, 2022. But hey, no biggie: That $2.4 trillion had magically appeared in the six months before the high, and now it has magically vanished in two months. In other words that 20% decline just rolled the Giant 7 index back to Jun 2021:

The Big Four Banks – JP Morgan, Bank of America, Citigroup, and Wells Fargo – tanked 4.8% today based on their combined market cap, bringing their stocks back to 2019 levels. Since January 11, the Wolf Street Big Four Banks index is down 21.5%:

The Wolf Street Airlines Index, which tracks the largest 8 US airlines by market cap, plunged -13.6% today, on top of the plunge on Friday and the prior days. Over the past six trading days, it has plunged by 25%. This is one of the most relentlessly dismal long-term industry charts out there:

But there were some huge gainers today. Everyone plowed into energy, mining, and fertilizers. These were the top 10 gainers of the S&P 500 today.

Now the Giant Tech Stocks and Big Four Banks Got Crushed, Airline Stocks Collapsed | Wolf Street