Why Shares of Pinterest, Fastly, and Block Slipped on Thursday

Shares of visual search and media company Pinterest (NYSE: PINS), edge computing specialist Fastly (NYSE: FSLY), and financial technology company Block (NYSE: SQ) all took a hit on Thursday. As of 2:30 p.m. ET, the three stocks were down 3.9%, 6.5%, and 7.1%, respectively. At their worst points during the trading day, Pinterest stock was down 4.4%, Fastly had slipped 7.5%, and Block had declined 7.8%.

These stocks have seen significant pressure this year, along with many other growth tech stocks. Weakness in these types of stocks on Thursday is a continuation of broad-based pressure on growth tech stocks as investors contemplate the potential impact of an evolving interest rate environment and growing tensions between Russia and Ukraine.

Shares of these three stocks have cratered this year, falling 29%, 31%, and 53% year to date, respectively.

Source Fool.com