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Amazon sinks as US tech stocks continue to slide | Amazon sinks as US tech stocks continue to slide |
(about 17 hours later) | |
Technology shares, which helped power the rise of the US stock market last year, are pulling it lower now. | Technology shares, which helped power the rise of the US stock market last year, are pulling it lower now. |
The tech-rich Nasdaq index dropped 0.85% or almost 60 points to 6,949.2 on Wednesday, driven by declines in firms such as Amazon, Tesla and Broadcom. | The tech-rich Nasdaq index dropped 0.85% or almost 60 points to 6,949.2 on Wednesday, driven by declines in firms such as Amazon, Tesla and Broadcom. |
It continued a multi-week sell-off spurred by calls for tighter regulation of tech firms, competition concerns and questions over autonomous driving. | It continued a multi-week sell-off spurred by calls for tighter regulation of tech firms, competition concerns and questions over autonomous driving. |
The S&P 500 lost 0.3% to 2,605 while the Dow was flat at 23,848.4. | The S&P 500 lost 0.3% to 2,605 while the Dow was flat at 23,848.4. |
Shares see-sawed throughout the day, extending a streak of sharp swings in prices that have rocked markets in recent weeks. | Shares see-sawed throughout the day, extending a streak of sharp swings in prices that have rocked markets in recent weeks. |
The information technology sector on the S&P 500, which includes firms such as Apple, Microsoft and Intel, has fallen more than 6% this month, mostly in the last two weeks. | |
Analysts said the decline reflects a confluence of factors, including a desire to lock in gains notched last year when technology stocks surged. | Analysts said the decline reflects a confluence of factors, including a desire to lock in gains notched last year when technology stocks surged. |
A host of other factors - many of them political - is fuelling uncertainty, including trade tension between the US and China, where many technology companies have ties. | A host of other factors - many of them political - is fuelling uncertainty, including trade tension between the US and China, where many technology companies have ties. |
The Trump administration has also shown a willingness to intervene in the private sector, calling for anti-trust scrutiny of AT&T's purchase of Time Warner and moving to block Broadcom's takeover of Qualcomm in the name of national security. | The Trump administration has also shown a willingness to intervene in the private sector, calling for anti-trust scrutiny of AT&T's purchase of Time Warner and moving to block Broadcom's takeover of Qualcomm in the name of national security. |
Amazon sinks | Amazon sinks |
A report that US President Donald Trump wants to use anti-trust law or another government power to limit Amazon's expansion added to the worries on Wednesday. | A report that US President Donald Trump wants to use anti-trust law or another government power to limit Amazon's expansion added to the worries on Wednesday. |
News portal Axios reported that President Donald Trump is "obsessed" with regulating the e-commerce giant. | News portal Axios reported that President Donald Trump is "obsessed" with regulating the e-commerce giant. |
Tuna Amobi, senior media analyst at CFRA Research, said he thinks some of the reaction to the Amazon report is "overdone" but reflects wider unease about the current market. | Tuna Amobi, senior media analyst at CFRA Research, said he thinks some of the reaction to the Amazon report is "overdone" but reflects wider unease about the current market. |
"You kind of put all these pieces together and it gives you a sense of a little bit more trepidation out there in the tech space in general," he said. | "You kind of put all these pieces together and it gives you a sense of a little bit more trepidation out there in the tech space in general," he said. |
Amazon shares closed Wednesday down 4.4%, continuing Tuesday's slide. The firm's stock is still up more than 60% from a year ago. | Amazon shares closed Wednesday down 4.4%, continuing Tuesday's slide. The firm's stock is still up more than 60% from a year ago. |
Chipmaker Broadcom sank more than 3%, extending declines from recent weeks. | Chipmaker Broadcom sank more than 3%, extending declines from recent weeks. |
Tesla shares fell another 7%, a day after US safety regulators said they were investigating a recent crash. A decision by ratings agency Moody's to downgrade its credit rating also had an impact. | Tesla shares fell another 7%, a day after US safety regulators said they were investigating a recent crash. A decision by ratings agency Moody's to downgrade its credit rating also had an impact. |
The electric car maker's shares have lost close to 27% in March. | The electric car maker's shares have lost close to 27% in March. |
Bottoming out? | Bottoming out? |
Conversely Facebook shares ended Wednesday on a positive note, eking out a 0.5% gain. | Conversely Facebook shares ended Wednesday on a positive note, eking out a 0.5% gain. |
The social media firm's stock has fallen by almost 20% in recent weeks, following allegations that leaked user data was exploited for political purposes. | The social media firm's stock has fallen by almost 20% in recent weeks, following allegations that leaked user data was exploited for political purposes. |
In another reversal of fortunes, shares of traditional retailers - which were hammered by doubts last year - were among the winners. Macy's gained 4.3%, while Walmart rose 2%. | In another reversal of fortunes, shares of traditional retailers - which were hammered by doubts last year - were among the winners. Macy's gained 4.3%, while Walmart rose 2%. |
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