Why Nvidia, Shopify, and Palantir Stocks Slumped Wednesday Morning
In many ways, 2022 has been a year like no other, as investors and consumers alike have been looking for signs that the macroeconomic headwinds might eventually ease. October started off in rally mode, but a couple of new economic reports suggest relief is still a way off, sparking a wide-ranging sell-off on Wall Street.
With that as a backdrop, shares of Nvidia (NASDAQ: NVDA) tumbled as much as 4.1%, Shopify (NYSE: SHOP) slumped as much as 4.5%, and Palantir Technologies (NYSE: PLTR) slipped as much as 4.6%. As of 2:15 p.m. ET, the trio were still trading lower, down 0.7%, 1.8%, and 0.5%, respectively.
To be clear, there was nothing in the way of company-specific news driving these technology stocks lower today. It appears, therefore, that after two days of gains on Wall Street, investors were pouring over newly released economic data and what it suggests about the future.
Source Fool.com
