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Why The Technology Sector Is Red Today

The broader technology sector is trending lower on Friday amid COVID-19 concerns in China, the continued Russian-Ukraine conflict, and Amazon’s (NASDAQ: AMZN) poor quarterly earnings report are pressuring the markets into the weekend.

Benzinga · 04/29/2022 17:28

The broader technology sector is trending lower on Friday amid COVID-19 concerns in China, the continued Russian-Ukraine conflict, and Amazon’s (NASDAQ:AMZN) poor quarterly earnings report are pressuring the markets into the weekend.

$3.8 billion in losses in the first quarter caused Amazon’s stock to drop 14.05% over Friday’s trading session, making it the worst-performing day the stock has had since July 2006.

See Also: The Nasdaq, S&P 500 And Dow Took A Big Dive In April

As the third-heaviest stock in the S&P 500, a drop in share prices will have ramifications for the entire sector. Among the stocks trading in tandem with Amazon include:

  • Adobe Inc (NASDAQ:ADBE)
  • Applied Materials, Inc. (NASDAQ:AMAT)
  • Crowdstrike Holdings Inc (NASDAQ:CRWD)
  • Cisco Systems Inc (NASDAQ:CSCO)
  • Corning Incorporated (NYSE:GLW)
  • Samsara Inc (NYSE:IOT)
  • KLA Corp (NASDAQ:KLAC)
  • 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)
  • Sabre Corp (NASDAQ:SABR)