More Economic Bad News–This Time, for the Auto Industry–Sure to Slap Tech Stocks Today
After the Senate effort to forge a package to help the ailing U.S. auto industry collapsed yesterday, one can expect that the stock market will give up gains made in recent days.
And, inevitably, that will include stocks for the tech industry, whose shares have rallied this past week.
Google shares, which have recently crossed back above $300 of late, for example, were already seeing pre-market declines this morning, as European and other markets crashed on the bad news about U.S. politicians rejecting an effort to hand over $14 billion to automakers.
Thus, Google (GOOG) stock was down over one percent in pre-market trading.
Yahoo (YHOO), which has been nicely trending up into the $13 range, also is getting smacked, down almost three percent in pre-market trading.
And so on:
Amazon (AMZN) down one percent to $47.85.
Microsoft (MSFT) down one percent to $19.27.
Intel (INTC) down 1.4 percent to $13.82.
Apple (AAPL) down one percent to $94.
You get the idea–Silicon Valley is still in no way immune from the econalypse.
Please see this disclosure related to me and Google.