The largest world economy may get pushed into a recession. This scenario has led to a market meltdown in 2022 and the stock valuation of some of the big US companies has come crashing down. The US stock market has been shaken, with Nasdaq reaching its lowest point in more than two years due to shifting expectations regarding the Fed’s interest-rate rises, the China trade policy, and the intensification of the Ukraine war. Since the start of 2022, the share prices of many firms listed on US stock exchanges have fallen, resulting in a loss of market capitalization of hundreds of billions of dollars.

According to data presented by AugustaFreePress.com, America’s five top-grossing companies lost more than half a trillion dollars in market cap in just a month.

Walmart, Amazon, Apple, CVS Health, and United Health Group, the highest-grossing companies in the US according to the Fortune 500 list, racked in a shocking $1.27trn last year, despite rising inflation, the ongoing supply chain crisis and the second year of the COVID-19 pandemic.

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However, most of them have seen their market caps drop throughout this year before plunging in the last month.

In September, the combined market cap of the five US companies amounted to $4.78trn, according to YCharts data. Last week, it fell to $4.26trn, showing a massive $517bn drop in just a month.

Apple has suffered the biggest loss of all five companies, with its market cap plunging by $272bn in the last 30 days. Last week, the market cap of the tech giant dropped to $2.49trn, down from $2.22 on September 15.

Amazon follows with a massive $221bn market cap loss month-over-month. The shares of the e-commerce giant have been falling since the beginning of 2022 when the company’s market cap stood at close to $1.7trn. By June, it dropped by a massive 36% to $1.08trn. Although Amazon’s shares started rising again in the following months, with its market cap reaching $1.31 on September 15, this figure dropped to $1.09trn last week.

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Walmart has been on top of the Fortune 500 list for the last decade. The US retail giant grossed $570bn in revenue despite challenging 2021, with its sales growing by 2.4% year-over-year. However, its stock value dropped by 11% year-to-date. In January, the market cap of the nation’s largest retailer stood at $401.3bn.

After the company announced it was lowering its profit outlook for the rest of 2022, primarily due to pricing actions aimed to improve inventory levels at Walmart and Sam’s Club in the US, its stock value plunged to $334bn. Although Walmart’s market cap recovered to $366.2bn by mid-September, statistics show it dropped by $12.2bn in the last month.

The US healthcare giant, CVS Health, has suffered an even bigger loss than Walmart, with its stock value plunging by $15.4bn in 30 days. Statistics show United Health Group was the only one among the top five companies whose stock value increased, despite the stock market drop. Last week, the combined value of shares of the largest US health insurance provider was close to $480bn, up from $476.8bn a month before.