Why Nvidia, Snowflake, and Roku Stocks Slumped Thursday Morning
There has been much talk in 2022 about what constitutes a recession. While the U.S. has hit many of the benchmarks that signify an economic downturn, other metrics have defied the trend, leading many to debate whether the economy is actually in a recession. A key economic indicator released early Thursday seemed to tip the scales toward those arguing that it is in a recession.
With that as a backdrop, shares of Nvidia (NASDAQ: NVDA) slipped as much as 5.5%, Snowflake (NYSE: SNOW) slumped as much as 4.5%, and Roku (NASDAQ: ROKU) tumbled as much as 8.4%. As of 12:33 p.m. ET, the trio were still trading lower, down 4.4%, 1.5%, and 8.3%, respectively.
To be clear, there was very little in the way of company-specific news driving these technology stocks lower. This suggests that investors weren't particularly pleased with the latest reading on the economy, leaving some running for cover.
Source Fool.com
