Why The Technology Sector Is Red Today

The broader technology sector is trending lower on Friday amid COVID-19 concerns in China, the continued Russian-Ukraine conflict, and Amazon’s AMZN poor quarterly earnings report are pressuring the markets into the weekend.

$3.8 billion in losses in the first quarter caused Amazon’s stock to drop 14.05% over Friday’s trading session, making it the worst-performing day the stock has had since July 2006.

See Also: The Nasdaq, S&P 500 And Dow Took A Big Dive In April

As the third-heaviest stock in the S&P 500, a drop in share prices will have ramifications for the entire sector. Among the stocks trading in tandem with Amazon include:

  • Adobe Inc ADBE
  • Applied Materials, Inc. AMAT
  • Crowdstrike Holdings Inc CRWD
  • Cisco Systems Inc CSCO
  • Corning Incorporated GLW
  • Samsara Inc IOT
  • KLA Corp KLAC
  • Shopify Inc SHOP
  • Tenable Holdings Inc TENB
  • Thoughtworks Holding Inc TWKS
  • Workday Inc WDAY
  • Wix.Com Ltd WIX
  • Workiva Inc WK
  • Sabre Corp SABR
Posted In: WIIMMoversTechTrading Ideas