Why Amazon, Shopify, and Roku Stocks Were Sinking Thursday Morning
Broader market indexes all traded lower Friday, as the Federal Reserve Bank's ongoing mission to rein in historically high inflation appeared to hit a speed bump. The latest U.S. government data revealed that inflation spiked unexpectedly last month, which could affect the Fed's long-running campaign of interest rate hikes, which are intended to control rising prices.
With that as a backdrop, shares of Amazon (NASDAQ: AMZN) fell 3%, Shopify (NYSE: SHOP) tumbled 4.7%, and Roku (NASDAQ: ROKU) slumped 5.8% as of 11:47 a.m. ET today.
A check of all the usual sources -- press releases, earnings reports, and regulatory filings -- found very little company-specific news driving the downturn, and the news related to one company was decidedly positive. This suggests investors were squarely focused on the worsening economic situation.
Source Fool.com
