Shares of several companies in the broader tech sector, including Alphabet Inc GOOGL GOOG, are trading lower amid overall market weakness as stocks fall following weak retail earnings this week. Anticipation of further Federal Reserve policy tightening has continued to weigh on stocks across sectors.
Alphabet shares also saw weakness last week and were trading lower amid continued volatility as investors digest the latest U.S. inflation data, which came in higher-than-expected.
The headline CPI rose 8.3% in April, down slightly from 8.5% in March but above economist estimates of 8.1%. Prior to 2022, the CPI hadn't risen 8.3% in any month since 1982. Core inflation, which excludes volatile food and energy prices, was up 6.2% in April, above economist estimates of a 6% gain.
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