Shares of Apple, Microsoft and Amazon each plunged more than 2%, helping drag down the technology-heavy Nasdaq Composite Index Thursday amid broad U.S. stock declines fueled by recession concerns.
The Dow Jones Industrial Average fell 348.99 points, or 1.05%, to close at 33,027.49. The S&P 500 dropped 56.05 points, or 1.45%, to close at 3,822.39, and the Nasdaq fell 233.25 points, or 2.18%, to close at 10,476.12.
Stocks are on track for their third straight week of losses. Investors have shown concern for the Federal Reserve’s aggressive interest rate hikes meant to curb inflation that may push the economy into a recession.
Apple (AAPL) shares fell 2.38%, or $3.22 a share, to close at $132.23. Shares of Microsoft (MSFT) dropped $6.24 a share, or 2.55%, to close at $238.19. Amazon (AMZN) shares fell 3.43%, or $2.98 a share, to close at $83.79.
Some stocks that fell Thursday included CarMax (KMX), which closed at $57.21, down $2.16, or 3.64%. Tesla’s (TSLA) price of shares fell $12.22, or 8.88%, to close at $125.35.
“The Fed has repeatedly stated their desire to raise rates to a level that they deem sufficient to fight inflation, even if it risks employment and economic output. In other words, a recession,” Steve Sosnick, chief strategist at Interactive Brokers, told the Wall Street Journal. “It appears that investors have finally digested that message, at least for now.”