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Why Amazon, Meta Platforms, and Alphabet Slumped on Wednesday
After three years of consistent growth, the U.S. economy may have stalled.
The U.S. economy has run consistently higher over the past couple of years. However, recent concerns about tariffs, the burgeoning trade war with China, and the impact of the broader uncertainty on the economy have fueled significant stock market volatility.
Investors have been watching economic reports closely for signs of resilience. A key indicator was released Wednesday, providing some insight. Unfortunately, the news wasn't what investors were hoping for.
With that as a backdrop, many of the so-called "Magnificent Seven" stocks --which have helped fuel the bull market over the past few years -- fell in unison. Amazon (NASDAQ: AMZN) tumbled 3.6%, Meta Platforms (NASDAQ: META) slumped 2.9%, and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOGL) fell 2.4% as of 1:16 p.m. ET on Wednesday.
