Tech stocks aren’t doing so hot on Wednesday and it’s partially the fault of the Consumer Price Index (CPI) data for June 2022.
According to that report, inflation increased by 9.1% year-over-year during the month. That’s a massive surge in inflation that’s the largest seen in the U.S. since November 1981. It also came in higher than the 8.8% increase in inflation that experts were expecting.
News of the surprising increase in inflation is negatively affecting the wider stock market. This is also dragging down tech stocks, which have had a rough time of it already this year due to economic headwinds.
There’s also other news that might be pulling tech stocks down today. That includes Microsoft (NASDAQ:MSFT) revealing plans to reduce its workforce. MSFT makes clear that these cuts aren’t due to the current economy and only affect less than 1% of its total employees.
To go along with that, Alphabet’s (NASDAQ:GOOGL, NASDAQ:GOOG) Google has also announced a change to employment plans for 2022. The company says it will be slowing hiring. However, Google CEO Sundar Pichai clearly states this change is due to “economic headwinds.”
So how is all of this affecting tech stocks today? MSFT is down 1.1%, GOOGL is down 1.7%, Apple (NASDAQ:AAPL) is slipping slightly, and Meta Platforms (NASDAQ:META) is also down a bit.
Investors searching for more of the most recent stock market news will want to stick around!
We’ve got all the hottest stock news that traders need to get through Wednesday! A few examples of that include what has shares of growth stocks, Alphabet, and Romeo Power (NYSE:RMO) on the move today. You can find out more on these matters at the links below!
More Wednesday Stock Market News
- Why the Red-Hot June CPI Report Could Be Good for Growth Stocks
- Is Alphabet Stock a Buy Before Its Stock Split on July 15? 4 Analysts Weigh In.
- RMO Stock Alert: Romeo Power Announces Huge Growth Plans
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.
