Why Nvidia, Alphabet, and Other Tech Stocks Slumped Friday
A broad array of stocks traded lower on Friday as investors focused on the state of the economy and the Federal Reserve's ongoing campaign to battle persistent inflation. But the latest government report on the job market put some investors in a more bearish state of mind.
With that as a backdrop, as of 1:30 p.m. ET, shares of Nvidia (NASDAQ: NVDA) had slumped by 3.1%, Palo Alto Networks (NASDAQ: PANW) was trading down by 2.9%, Snowflake (NYSE: SNOW) was off by 2.3%, and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) had slipped by 1.1%.
There was nothing in the way of company-specific news behind those sell-offs, but traders appear to be concerned that the latest read on the job market will prolong the Fed's campaign of interest rate hikes.
Source Fool.com
