Menu
Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Amazon, Alphabet, and Snowflake Stocks Fell Hard on Wednesday


The gut-wrenching roller-coaster ride that began last year continued for investors today, with a broad cross-section of stocks losing ground. The economy was a big question mark going into earnings season, and investors have been waiting to see if technology companies would be resilient or feel the further effects of the bear market. The weak results of one tech titan seemed to provide a clue, and investors headed for the exits.

With that as a backdrop, shares of several cloud computing stocks fell hard on Wednesday, as Amazon (NASDAQ: AMZN) stock was down 1.9%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) fell 3.9%, and Snowflake (NYSE: SNOW) slumped 4%, as of 11:22 a.m. ET.

There was very little in the way of company-specific news behind the sell-off, but fears regarding the faltering economy intensified as results from Microsoft (NASDAQ: MSFT) convinced investors that things will get worse before they get better.

Continue reading


Source Fool.com

Like: 0
Share

Comments