Data: Lipper Refinitiv; Chart: Andrew Witherspoon/Axios

Between price declines and investor redemptions, the value of stock mutual funds and ETFs held by U.S. investors declined by $3.6 trillion during the first quarter.

Why it matters: Not only is the number a record high for a quarter, it's higher than any full year on record, according to data from Lipper Refinitiv.

By the numbers: The decline in equity fund value during the quarter is over $700 billion more than was seen in 2008 during the Great Recession.

  • The average equity fund posted a 22.3% decline during the quarter, data show.

On the other side: Institutional and retail money market funds drew $702 billion of inflows during the quarter, more than the inflows for the entire year in 2008.

Go deeper: The gamble to re-open the economy

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Jul 30, 2020 - Economy & Business

Facebook beats Wall Street estimates despite pandemic and boycott

Photo: Thomas Trutschel/Photothek via Getty Images

Facebook's stock was up more than 6% in after-hours trading on Thursday, after the tech giant reported strong revenue growth, despite a global ad slowdown due to the pandemic and a growing advertiser boycott.

Why it matters: Facebook's ability to beat top and bottom line revenue expectations amid the coronavirus crisis and the boycott speaks to the strength of the company's appeal to marketers despite serious challenges.

Jul 30, 2020 - Technology

Amazon earnings blow past Wall Street expectations

Photo illustration: Omar Marques/SOPA Images/LightRocket via Getty Images

Amazon smashed top- and bottom-line analyst expectations in the second quarter, sending shares climbing in after-hours trading Thursday.

The big picture: The earnings report suggests Amazon's growth and dominance are only expanding, just as calls to rein in the company rise from Washington.

Jul 30, 2020 - Technology

Alphabet sees first-ever revenue decline

Illustration: Lazaro Gamio/Axios

Alphabet revenue dropped 2% from last year, the company announced in second-quarter earnings Thursday, beating Wall Street expectations a day after Google CEO Sundar Pichai appeared before the House Judiciary antitrust subcommittee to face allegations of anticompetitive behavior.

Yes, but: Despite beating expectations on revenue, the company still reported its first-ever decline, thanks to a reduction in the advertising growth rate thanks to the coronavirus pandemic. Stock rose slightly in after-hours trading.