Stocks aren’t doing so hot today and we’re diving into why shares are down on Thursday!
The big news affecting stocks comes from the U.S. Federal Reserve. The Fed held a meeting yesterday that saw it increase interest rates. That initially saw the stock market jump on hopes of economic recovery. However, the market is singing a different tune today.
The S&P 500, Dow and Nasdaq are all slipping today with tech stocks being a particular sticking point as shares fall lower. That comes after Fed Chair Jerome Powell warned that further 50-point increases could come in the next couple of meetings.
Michael Shaoul, CEO of Marketfield Asset Management, said the following to Bloomberg about the Fed’s decision.
“There was nothing dovish about the message from the FOMC. Even so, the delivery of the certainty of a 50 bp hike acted as a catalyst for a violent unwinding of crowded positions.”
With all that in mind, here’s what’s happening with some of the largest stocks today.
Why Are Stocks Down Today
- Apple (NASDAQ:AAPL) stock starts us off with the tech giant’s shares slipping 4.7% as of Thursday afternoon.
- Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is next on our list with the company’s stock taking a 4.9% beating as of this writing.
- Microsoft (NASDAQ:MSFT) joins our list with the computer company taking a 4.6% beating this afternoon.
- Amazon (NASDAQ:AMZN) shares are among the stocks falling today with the e-commerce leader seeing a 7.4% decline today.
- Tesla (NASDAQ:TSLA) stock closes out our list with the electric vehicle (EV) maker’s shares decreasing 7.6% Thursday afternoon.
Investors searching for all the latest stock market news will want to stick around!
We’ve got all the hottest stock news that traders need to know about for Thursday! Among that is what has shares of Chinese EV stocks, Shopify (NYSE:SHOP) stock, and Austin Gold (NYSE:AUST) on the move today. You can learn all about these matters at the links below!
More Thursday Stock Market News
- Why Are Chinese EV Stocks NIO, LI, XPEV in the Spotlight Today?
- SHOP Stock Plunges 20% as Shopify Spooks Wall Street With Q1 Results
- AUST Stock Sparks After the Austin Gold IPO. 5 Things to Know.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.