Tech stocks hit lows after pandemic peak, Amazon and Apple among biggest laggards

June 13, 2022 at 4:09 PM

Yahoo Finance's Emily McCormick joins the Live show to discuss how tech stocks are trading.

Video Transcript

RACHELLE AKUFFO: Tech stocks have taken a beating so far this year. Yahoo Finance's Emily McCormick is breaking down the tech names to watch, as we see these markets dipping even lower today. Emily, I mean, this really is an incredible selloff we're seeing.

EMILY MCCORMICK: Absolutely, Rachelle. It is a bloodbath when we take a look at the tech sector as a whole here. And I have pulled up the NASDAQ 100 on an intraday basis with just over five minutes left until the closing bell. You can see here that it is a sea of red, with some of the biggest names in tech and some of the biggest components in the S&P 500, the NASDAQ composite, and others, moving sharply lower today. Amazon down 5 and 1/2% on an intraday basis. And that is adding now to this year to date losses of about 38% now, again, on an intraday basis.

Now, taking a look at Apple, which is, of course, a major component within the S&P 500, down more than 25% on a year to date basis, now underperforming the broader market and down nearly 4%, again, if we just take a look at how this stock has been trading today.

Now I also want to take a look at one name in particular in the software space specifically. And that is Oracle. Now this company is going to be reporting earnings results after market close today, so within the hour. Wall Street is looking for fiscal fourth quarter results to show revenue grew 4% year on year to about $11.7 billion, slowing by about half the rate that we saw during the same quarter last year. So we'll see whether this company is able to meet that benchmark. And also, of course, we will listening for some commentary on the macroeconomic backdrop, as well as software sales trends.

And then, finally, also want to highlight some of the moves to the downside that we're seeing in some of these major stay-at-home plays that had been such winners over the course of the pandemic. Shopify really being one of the key examples here. Now, those shares had reached a high of as much as about $1,690 in November 2021. As you can see, really come off those highs now, trading just around the $313 per share level, really underscoring this pressure that we're seeing across the tech sector as a whole, guys.

RACHELLE AKUFFO: Yeah, there's very little joy to be found there. Thank you so much, our very own Emily McCormick.