Tech stocks showed signs of bouncing back on Tuesday, after getting walloped amid a steep market-wide sell-off Monday.
Shares of Facebook rose 0.5% in premarket trading, while Amazon, Microsoft and Alphabet climbed 0.9%. Apple gained more than 1% in premarket trading, after suffering the biggest percentage decline on Monday.
U.S. markets experienced the worst day of the year on Monday as the escalating U.S.-China trade war stoked investors’ fears about a global slowdown. Big Tech was hit particularly hard, however, with Microsoft, Apple, Amazon, Alphabet and Facebook losing a combined $162 billion in market value.
The Dow ended the day down roughly 760 points, losing 2.9% in a single day. As of Tuesday morning, Dow futures indicated a positive open of about 179 points.
Tech companies continue to face the looming threat of the US trade war with China. Among them, Apple stands to be hit the hardest, given that it has greater exposure to the Chinese market. The company relies on China’s manufacturing plants for many of its flagship products, such as the iPhone.