The idea that tech companies would get a permanent lift from the enforced use of their services during lockdown was a big factor in the final leg of the tech stock boom. After the latest hit to tech stocks over the past week, Amazon’s share price has finally fallen back to its pre-pandemic level. Exchange traded funds that track the ecommerce sector have done even worse: the Amplify Online Retail ETF is 20 per cent below where it stood when Covid-19 hit. Read More...
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Why Meta, Amazon, and Apple Are Falling Today
Shares of Meta Platforms (NASDAQ: META), Amazon (NASDAQ: AMZN), and Apple (NASDAQ: AAPL) were all plummeting this morning following the Federal Reserve’s decision to raise the federal funds rate by 75 basis points yesterday. The tech-heavy Nasdaq Composite fell 3.7% this morning, and the tech giants followed suit, with Meta losing 4.8%, Amazon down 4.2%, and Apple falling 3.5%.
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