Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) stock is slipping on Thursday despite the tech company preparing for a stock split tomorrow.
Alphabet is preparing to undergo a 20-for-one stock split. This will see a single share of GOOGL and GOOG stock split into 20 shares. This lowers the price of the stock while increasing the total number of shares on the market.
A stock split should be a positive catalyst for GOOGL stock as it opens the company’s shares up to more investors. However, other factors are likely behind the tech company’s stock not performing well today.
For example, the stock market hasn’t been doing well after the Consumer Price Index (CPI) data for June 2022 was revealed. Inflation jumped up to 9.1% year-over-year, which was a bigger increase than Wall Street was expecting.
Increasing inflation has continued to weigh on tech stocks such as Alphabet. That’s due to rising prices, supply chain issues, and the Federal Reserve increasing interest rates, as well as other factors.
To go along with that, Google CEO Sundar Pichai also noted that the company will be slowing down hiring in 2022. According to the company’s CEO, this is due to “economic headwinds.”
All of this news has shares of GOOGL and GOOG stock slipping through the week. As of Thursday afternoon, GOOGL is down 1% and GOOG is down close to 1%.
Investors searching for all of the most recent stock news for today are in luck!
InvestorPlace is home to all of the latest stock market coverage traders are looking for! Among that is what has shares of Clene (NASDAQ:CLNN) and Tesla (NASDAQ:TSLA) moving, as well as why the stock market is down today. You can find out more info on these matters at the links below!
More Thursday Stock Market News
- Why Is Clene (CLNN) Stock Soaring 23% Today?
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- Why Are Stocks Down Today?
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.
