Markets tumbled today on global recession fears sparked by an International Monetary Fund report. And tech stocks led the decline.
Several blue chip technology companies hit the skids today with third-quarter earnings season about to get underway. Initially, Apple (NASDAQ: AAPL) was one of them.
The world’s largest stock dipped to a two-month low of $623 a share this morning before recovering to only drop a couple points by the time the market closed. Other tech stocks were unable to recover early losses.
Here are a few of the big-name tech stocks that tumbled today. It reads like a who’s who of the Nasdaq index:
- Google (GOOG): 1.9% decline to $743 a share – its lowest level since September 21
- Facebook (FB): 1.5% decline. At one point, the stock briefly dipped back below $20 for the first time in a month.
- Microsoft (MSFT): 1.9% decline. The stock is now down more than 7% since September 20.
- Amazon (AMZN): 3.2% decline – its biggest one-day drop-off in the past six months.
- Netflix (NFLX): 11% decline. Shares of the troubled video company had been on quite a tear, gaining 35% in six trading sessions entering the day. With a bleak earnings report forthcoming in the next two weeks, looks like the run is over.