Tech stocks aren’t doing so hot on Thursday as investors react to the latest data from the Consumer Price Index (CPI) report for September.
The CPI data shows that sequential CPI increased by 0.4% compared to August. For the record, the increase seen from July to August was only a 0.1% increase. Also, the year-over-year increase for September comes in at 8.2%. That follows an 8.3% increase in August.
Breaking that down further, the CPI minus food and energy increased by 6.6% in the last 12 months. Consumers have also seen the price of food jump 11.2% over the last year. During that same period of time, the energy index increased by 19.8%.
Why Does This Matter to Tech Stocks?
Investors are worried that the higher-than-expected increase in the CPI will result in tougher actions from the Federal Reserve. That includes likely interest rate hikes during the organization’s next meeting.
Increasing interest rates aren’t good for growth stocks, which many tech stocks are. That’s why several of these companies, such as Meta Platforms (NASDAQ:META), Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG), Amazon (NASDAQ:AMZN), and Apple (NASDAQ:AAPL), are seeing their shares drop today.
Here’s a quick breakdown of how these tech stocks are performing as of Thursday morning:
- META stock is down 2.2% today.
- GOOGL shares are falling 1.7% as of this writing.
- AMZN stock is dropping 4.1% this morning.
- AAPL shares are sliding 1.6% lower today.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Thursday! That includes what has shares of Digital World Acquisition (NASDAQ:DWAC), Relmada Therapeutics (NASDAQ:RLMD), and airline stocks moving today. You can find out more on these matters at the links below!
More Thursday Stock Market News
- Why Is Digital World (DWAC) Stock Up 25% Today?
- Why Is Relmada (RLMD) Stock Down 78% Today?
- Why Are Airline Stocks Outperforming 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.