A broad cross-section of stocks slumped on Wednesday, as the market focused on macroeconomic conditions and the Federal Reserve Bank's response to rising inflation. Unfortunately, the latest rate hike came with a bit of collateral damage.

With that as a backdrop, shares of Alibaba (NYSE: BABA) slipped as much as 5%, Amazon (NASDAQ: AMZN) stock was down as much as 3.1%, and Meta Platforms (NASDAQ: META) slipped as much as 2.8%. When the market closed, the trio was still trading lower, down 4.9%, 3%, and 2.7%, respectively. These stocks followed the broader market lower, as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) declined roughly 1.7% and 1.8%, respectively.

There was very little in the way of company-specific news behind the sell-off, but fears regarding the Fed's continued rate hikes and lower growth forecasts succeeded in dragging these technology stocks even lower.

Continue reading

Source Fool.com