Apple, Amazon, Tesla Stocks Dive Into The Red After Inflation Data -- MarketWatch

Dow Jones2022-07-13

Shares of technology behemoths, and electric vehicle maker Tesla Inc. $(TSLA)$, pulled sharp U-turns in premarket trading to dive into negative territory after data showing that inflation rose more than expected in June. Of the top-5 companies by market capitalization, shares of Apple Inc. $(AAPL)$ fell 1.9%, Microsoft Corp. $(MSFT)$ dropped 1.8%, Alphabet Inc. $(GOOGL)$(GOOGL) slid 2.0%, Amazon.com Inc. $(AMZN)$ shed 2.0% and Tesla sank 3.3%. The consumer price index $(CPI)$ rose 1.3% in June, compared with expectations of a 1.1% advance, as year-over-year inflation increased to 9.1% to the highest rate since November 1981. In addition, inflation-adjusted wages fell 1% in June. Prior to the CPI release, shares of Apple, Microsoft, Amazon and Tesla were all gaining more than 1%, while Alphabet's stock was only down about 0.2%. Meanwhile, futures for the S&P 500 swung from a gain of about 0.9% just before the data to a loss of 1.6%.

-Tomi Kilgore 

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July 13, 2022 08:56 ET (12:56 GMT)

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    2022-07-13
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