Written by Brenda Nakalema

Apple, Microsoft, Amazon Plus Other Tech Stocks Tumble

The biggest tech names such as Tesla, Apple and Nvidia found their stocks in shallow waters on Monday. Shares of …

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The biggest tech names such as Tesla, Apple and Nvidia found their stocks in shallow waters on Monday. Shares of Tesla (ticker: TSLA) dropped 2.7% in premarket trading, with Apple (ticker: AAPL) losing nearly 3% and Nvidia at a 4.5% drop. Tesla stock had previously gained in extended trading on Friday after the company announced in a proxy statement that it proposed to split its stock 3-for-1.

Shares of other tech giants also dropped, with Microsoft (ticker: MSFT) falling to almost 2.7%, while Amazon (ticker: AMZN) and Google (ticker: GOOGL) fell 3.7% and 3.4%, respectively.

The expectation is that the S&P 500 will enter a bear market on Monday in the midst of fears of an oncoming recession and more aggressive Federal Reserve action triggered by a report indicating rising inflation.

Going into trading on Monday, S&P 500 futures fell 2.4% to 3,804, according to SPX and Dow Jones Market Data. For the S&P 500 to enter a bear market, it has to drop below 3,827 points.

The S&P 500 Index closed trading at 207.68 points or 5.05% last week to 3900.86, indicating the largest two-week percentage decline since the week ending March 27, 2020.