Tech Stock Selloff Continues
U.S. stock futures continues to decline!
With tech stocks coming under fresh pressure after a sales warning from e-commerce giant Amazon.com added to concerns about the U.S. economy.
As of mid-morning Futures for the tech-heavy Nasdaq-100 led declines, down 0.5%. S&P 500 futures fell 0.1%, and Dow contracts were flat.
Tweet on tech stocks
Hot Stocks today;
Apple-reported record revenue in the September quarter
Amazon-The e-commerce giant projected sales in the current quarter would be below expectations
Intel-The chip maker posted a 20% drop in third-quarter sales
Exxon-reported its most lucrative quarter ever pic.twitter.com/I8SmqZm9Zp— The_Journalbiz (@the_journalbiz) October 28, 2022
FactSet chart on recent market fluctuation
Amazon shares tumbled 14% in premarket trading. Shares of Facebook parent Meta Platforms, which lost nearly a quarter of their value on Thursday, clawed back 1.9%. Apple shares nudged up 0.3% after the company reported record revenue.
Twitter shares will be suspended Friday after Elon Musk completed his takeover, putting an end to an acrimonious, monthslong battle over the social-media company.
The yield on the benchmark 10-year Treasury note rose to 4.012% from 3.938% on Thursday.
Brent crude oil edged down 1% to $94.12 a barrel.
Data Friday showed consumer spending increased by a seasonally adjusted 0.6% last month, while a closely watched reading of underlying inflationary pressures remained strong. A separate Labor Department report showed worker pay and benefits rose 5% in the third quarter from a year before.
Amazon shares are coming under renewed pressure in premarket trading Friday, after the e-commerce giant projected sales in the current quarter would be far below expectations.
Stock in Amazon recently stood at $96.77 in premarket trading. That was nearly 13% lower than its previous close, and echoed a selloff in after-hours trading on Thursday.
If the declines hold through the end of regular trading Friday, Amazon’s shares would close at their lowest since April 2020, adjusted for its stock split earlier this year.
