Wednesday’s Headlines: Why Are Tech Stocks Falling?

Wednesday’s Headlines: Why Are Tech Stocks Falling?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

FactSet (FDS) +3.8%

Hain Celestial (HAIN) +2.5%

Activision Blizzard (ATVI) +1.7%

Duluth Trading (DLTH) +1.1%

Ford Motor Company (F) +1.1%

Moving Down ⬇️

The Trade Desk (TTD) -8.6%

Cloudflare (NET) -7.9%

Coupa Software (COUP) -7.5%

Redfin (RDFN) -7.4%

Twilio (TWLO) -6.7%

1. Technology stocks sank yesterday as Wall Street kept a close eye on rising Treasury yields. On Tuesday, the tech-heavy Nasdaq (QQQ) had its worst day since March, falling over 2.8% by market close, while the S&P 500 (VOO) and Dow Jones also traded in the red. Fueling the sell-off is also rising inflation and a potential increase in energy prices. Highly-valued growth stocks have taken the brunt of the panic-selling as shareholders worry that a lower growth, tighter policy environment, will negatively impact these previous star performers. Get the full story here

2. Watch out world, Amazon's (AMZN) Alexa just got wheels. The e-commerce giant just announced a number of nifty gadgets at its fall product event yesterday, including a home robot equipped with its Alexa voice assistant that can control smart home devices, responds to commands, and can patrol your home. Amazon also launched a multi-user subscription aimed at helping customers care for elderly relatives, which includes an emergency hotline, fall detection, and activity detection, which are all integrated through the Amazon Echo device. The second-largest U.S. employer also unveiled its Ring security drone, fitness-focused smartwatches called Halo View, and many other new innovations. These costly gadgets will likely boost Amazon’s revenue in Q4 as fans stock up for the holiday season. See more here

3. To boost subscriber growth in Europe, Netflix (NFLX) has launched mobile games in Italy, Poland, and Spain. The members-only perk is part of its plan to push its mobile gaming by launching three more titles, ‘Shooting Hoops,’ ‘Teeter Up’ and ‘Card Blast’ in these select European markets. While its first two games launched within Netflix’s Games tab were tied to ‘Stranger Things,’ these new additions have no connection to any Netflix movie or show and are simple, casual games designed to attract a wide range of players. The move is Netflix’s latest latest move to increase investment on making mobile games a part of a wider entertainment bundle to make the popular production house company more than just a streaming content service. Read the full story here

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