Why Apple, Amazon, Alphabet, and Microsoft All Slumped Monday Morning
Wall Street opened the week on a somber note in the wake of a couple of high-profile economic reports issued late last week. The stock market was closed on Friday, so the impact of the data wasn't evident until stocks began trading on Monday. The Federal Reserve's ongoing battle with inflation and the stubborn resilience of the job market took center stage as investors digested the latest monthly jobs report and what it means for the direction of the economy.
With these developments as a backdrop, Amazon (NASDAQ: AMZN) slipped 0.7%, Microsoft (NASDAQ: MSFT) fell 1.2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) slumped 2.5%, and Apple (NASDAQ: AAPL) was down 2%, as of 12:45 p.m. ET.
A check of all the usual sources found nothing in the way of company-specific news about the tech giants, which suggests that the traders bidding them down were contemplating what the latest reports mean for the overall state of the economy.
Source Fool.com
