Why Amazon, Alphabet, and Shopify Stocks All Tumbled Tuesday
A broad cross-section of stocks tumbled again on Tuesday as market watchers focused on the Federal Reserve Bank's ongoing battle against inflation. Over the past several days, a couple of strong economic reports have increased concerns about the trajectory of an already overheated economy.
With that as a backdrop, shares of Amazon (NASDAQ: AMZN) fell 2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) tumbled 2.4%, and Shopify (NYSE: SHOP) had slumped 4% as of 12:19 p.m. ET.
A check of all the usual sources didn't uncover any company-specific news behind the sell-off, which suggests investors fear that the Fed might not be able to slow the pace of rising interest rates as quickly as they had hoped.
Source Fool.com