So far, 2020 has been a difficult year for the financial markets, which continue to struggle with the economic impact of the new coronavirus pandemic (COVID-19).
Other events, including the war situation between the United States and Iran, the United States’ trade war with China and the recent oil price battle between Saudi Arabia and Russia have all worsened the problem.
In the United States, four companies had a market capitalization of more than one trillion dollars before the sharp drop caused by the COVID-19 pandemic in the second week of March.
Microsoft Corporation (NASDAQ: MSFT), Apple Inc. (NASDAQ: AAPL), parent company of Google Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), and Amazon.com Inc. (NASDAQ: AMZN) arranged to read “MAGA”, have been hailed by President Donald Trump as the symbol of his campaign to “Make America Even More Beautiful”.
The S&P 500 index is down 20% and the Nasdaq composite index is down 14.18% at the end of the first quarter of this year. Here’s how MAGA stocks performed in comparison.
Microsoft was almost unchanged at the end of the first quarter at $ 157.71. The stock closed last year at $ 157.7 per share.
The company’s stock is relatively higher as some of its cloud-based products, particularly telework application teams, have seen a huge increase in usage due to blockages imposed by authorities around the world.
Apple closed at $ 254.29 on Tuesday, down about 13.4% since the close of 2019 at $ 293.65.
The company’s shares have dropped dramatically as the supply chain and demand for the company have been affected by the epidemic.
Apple has lowered expectations for first quarter results as the coronavirus spread to China, and the business was further affected when the consumer electronics company had to close all of its stores worldwide outside of China due to the pandemic.
Class A shares of Google’s parent company were down 13.24% at the end of the first quarter to $ 1,161.96. The stock closed 2019 at $ 1339.39 per share.
As the use of Internet services has increased due to the pandemic, while people around the world are staying at home, advertising revenues have declined sharply.
With the majority of businesses closed or facing a financial crisis, Alphabet’s main source of income is considerably affected.
Amazon closed at $ 1,949.72 on Tuesday, the only company among the big four to show gains so far this year.
The stock has increased by approximately 5.5% since the December 31 closing price of 1,847.84.
The e-commerce giant has particularly benefited from the increase in demand for home deliveries during the closing of the pandemic.
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