Microsoft Corp. fell on Tuesday, with the software company leading a decline among megacap internet and technology stocks.
The shares fell 3.3% in their biggest one-day percentage loss since September. The day’s drop erased more than $80 billion off its market valuation. Even with the decline, however, Microsoft remains up more than 45% this year.
The day’s drop came on a broadly negative session for US stocks, a slump that follows the latest data on inflation and comes ahead of key central bank decisions, notably the US Federal Reserve, which is expected to pivot toward a more hawkish stance on Wednesday. The S&P 500 Index fell 0.7% while the tech-heavy Nasdaq 100 dropped 1%.
Among other notable names, Alphabet Inc. sank 1.3%, Amazon.com Inc. declined 0.3%, and Meta Platforms Inc. fell 0.2%. Apple Inc. fell 0.8% despite an upgrade from Bank of America.