Why Apple, Salesforce, and Qualcomm Stocks Are Volatile Today
It was another negative day for tech stocks today as investors began to worry again that the Federal Reserve's interest rate hikes could end up tipping the U.S. economy into a recession.
Those fears sent stocks lower yesterday and the pessimism continued into today after Morgan Stanley said that it's laying off 2% of its workforce and JPMorgan Chase's CEO said that inflation could end up causing a recession.
As a result, the S&P 500 shed 1.8% and the tech-heavy Nasdaq Composite fell 2.3%. All of this pushed Apple (NASDAQ: AAPL) down by 2.7%, caused Salesforce (NYSE: CRM) to initially drop by than 2.2% today before regaining some of its losses by mid-afternoon, and made Qualcomm's (NASDAQ: QCOM) stock slide 3% as of 3:08 p.m. ET.
Source Fool.com
