It was another negative day for tech stocks today as investors began to worry again that the Federal Reserve's interest rate hikes could end up tipping the U.S. economy into a recession. All of this pushed Apple (NASDAQ: AAPL) down by 2.7%, caused Salesforce (NYSE: CRM) to initially drop by than 2.2% today before regaining some of its losses by mid-afternoon, and made Qualcomm's (NASDAQ: QCOM) stock slide 3% as of 3:08 p.m. ET. Last week investors had been cautiously optimistic that the Fed wouldn't accidentally spur a recession after Federal Reserve Chairman Jerome Powell said, "...it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down." Read More...
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Why Bank of America Stock Was Falling Today
Shares of Bank of America (NYSE: BAC) were down on Tuesday, falling as much as 6% during the trading day. As of 2:45 p.m. ET, Bank of America was down 5.5%, trading at $32.58. The major indexes were all down on Tuesday, led by the Nasdaq Composite, which was down 258 points, or 2.3%, while the Dow Jones Industrial Average was down 498 points, or 1.5%, and the S&P 500 was off 77 points, or 1.9%, as of 2:45 p.m. ET.
