Technology sector

Why the tech sector is red today By Benzinga

© Reuters. Why the tech sector is red today

The broader tech sector is trending lower on Friday amid COVID-19 concerns in China, the ongoing Russian-Ukrainian conflict and Amazon’s (:AMZN) poor quarterly earnings report that make pressure on the markets until the weekend.

$3.8 billion in first-quarter losses sent Amazon’s stock down 14.05% during Friday’s trading session, making it the stock’s worst-performing day since July 2006.

See also: The Nasdaq, S&P 500 and took a big dip in April

As the third-heaviest stock in the S&P 500, a decline in stock prices will have repercussions for the entire sector. Among the stocks that trade in tandem with Amazon (NASDAQ:) are:

  • Adobe Inc. (NASDAQ: NASDAQ:)
  • Applied Materials, Inc. (NASDAQ: )
  • Crowdstrike Holdings Inc. (NASDAQ: CRWD)
  • Cisco Systems Inc. (NASDAQ: NASDAQ:)
  • Corning Incorporated (NYSE:NYSE:)
  • Samsara Inc (NYSE:IOT)
  • Shopify Inc (NYSE:SHOP)
  • Tenable Holdings Inc. (NASDAQ: TENB)
  • Thoughtworks Holding Inc. (NASDAQ: TWKS)
  • Workday Inc. (NASDAQ: WDAY)
  • Wix.Com Ltd (NASDAQ: WIX)
  • Workiva Inc. (NYSE: WK)
  • Saber Corp (NASDAQ: SABR)

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