Amazon, Apple and Tesla shares plunge in ‘scary tech sell-off’ on Russia war
Amazon, Apple and Tesla shares plunge in ‘scary tech sell-off’ on Russia war
As Russia's ruthless invasion of Ukraine startled global markets, shares of American internet companies such as Amazon, Apple, and Google were hammered.
As Russia's ruthless invasion of Ukraine startled global markets, shares of American internet companies such as Amazon, Apple, and Google were hammered.
As equities began on Thursday, the tech-heavy Nasdaq composite index was down 2.5 percent, with its losses outperforming the market as a whole.
As equities began on Thursday, the tech-heavy Nasdaq composite index was down 2.5 percent, with its losses outperforming the market as a whole.
Despite the fact that Russia and Ukraine are not significant markets for American IT firms, industry observers say tech is particularly vulnerable to a sharp stock selloff.
Despite the fact that Russia and Ukraine are not significant markets for American IT firms, industry observers say tech is particularly vulnerable to a sharp stock selloff.
Analysts believe this is because they are already selling at such high prices that any any disruption may knock them off their already precarious pedestals.
Analysts believe this is because they are already selling at such high prices that any any disruption may knock them off their already precarious pedestals.
In 2022, investors had already begun to withdraw from riskier tech companies due to forecasts of rising interest rates.
In 2022, investors had already begun to withdraw from riskier tech companies due to forecasts of rising interest rates.
"This is the most oversold we've seen in tech equities since 2014/2015, with investors fleeing in droves as a potential war erupts in Europe," Ives explained.
"This is the most oversold we've seen in tech equities since 2014/2015, with investors fleeing in droves as a potential war erupts in Europe," Ives explained.