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Why SanDisk Stock Is Sinking Today

TheMotleyFool

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Why SanDisk Stock Is Sinking Today: https://g.foolcdn.com/editorial/images/873278/gettyimages-1410807011.jpg

Tech stocks are getting hit with big pullbacks in Friday's trading, and SanDisk (NASDAQ: SNDK) stock is getting hit with a significant sell-off. The memory technologies company's share price was down 7.4% as of 11:50 p.m. ET. At the same point in the daily session, the S 500 was down 1.4%, and the Nasdaq Composite was down 2.4%.

While there isn't any major, business-specific news for SanDisk today, the company's share price is moving lower in response to macroeconomic risks. The latest jobs report from the Bureau of Labor Statistics (BLS) has investors worried that the Federal Reserve will hike interest rates this year, and that could hurt the rally for artificial intelligence (AI) stocks.

Image source: Getty Images.

Source Fool.com

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