Why Shopify, Amazon, and Apple Stocks Slumped Friday Morning
A broad cross-section of stocks tumbled on Friday, as the market focused on macroeconomic conditions and how the Federal Reserve Bank plans to address them.
Software-as-a-service (SaaS) platform Shopify (NYSE: SHOP) was off by as much as 7.4% Friday morning, e-commerce provider Amazon (NASDAQ: AMZN) stock was down as much as 4.3%, and iPhone maker Apple (NASDAQ: AAPL) slipped as much as 3.2%. As of 2:47 p.m. ET, the trio were still trading lower, down 6.1%, 4.1%, and 3%, respectively. These stocks followed broader market declines, as the S&P 500 gave up 2.7%, while the Nasdaq Composite declined more than 3.3%.
There was very little in the way of company-specific news behind the sell-off, but fears regarding the overall condition of the economy and the Fed strategy to combat inflation seemed to drive these stocks -- and the market -- lower.
Source Fool.com
