Why Apple, Amazon, and Nvidia Plunged Today

Shares of big-cap tech giants Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), and Nvidia (NASDAQ: NVDA) were down big on Friday, declining 3.4%, 5.6%, and 5.5%, respectively, as of 1 p.m. ET.

There wasn't much material news out of any of these three technology giants today. However, each of these companies trades at above-average valuations, and were therefore battered by today's higher-than-expected inflation reading.

This morning, the Bureau of Labor Statistics reported May's consumer price index, which tracks price movements to end consumers. While many had hoped the March reading had marked peak inflation, May's numbers disappointed with the highest inflation print since 1981.

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Source Fool.com