A number of premier tech stocks have cascaded lower late this week, providing the NASDAQ index with reason to power down.
Core PCE data from the US shows monthly inflation arriving below expectations. Downwardly revised consumer spending data and Q1 GDP growthearlier in the week worry traders. UiPath and Salesforce plunge on reduced growth. Dell, MongoDB, CrowdStrike suffer from pessimism regardingguidance. Three tech stalwarts capsized on Thursday: CrowdStrike , UiPath and Salesforce . Then on Friday, Dell and MongoDB plunged in the premarket following unloved earnings releases.
, MDB CrowdStrike ducked 9.6% on Thursday but is rebounding somewhat in Friday’s premarket. The company announced a partnership with Cloudflare for zero-trust technology. Bulls are looking ahead to quarterly results on June 4. UiPath beat Wall Street’s earnings and revenue consensus on Thursday but collapsed 34% after announcing an abrupt change in the CEO position. Keybanc and Bank of America both downgraded the automation software company on slower growth.
forecast The to find its footing between 16,000 and 16,250. This is an area where the index has spent considerable time. A pullback would be unsurprising since the
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