Thursday Morning's 5 Tech Stock Movers Include Amazon, Meta Platforms and Spotify

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Tech stocks got off to a poor start Thursday morning that looks like it will end a four-day winning streak. The Nasdaq was down about 1.5%, while the Dow Jones industrials were down about 1.0% and the S&P 500 around 1.2%. The Nasdaq closed up 0.50% on Wednesday, before some bad news hit after regular trading hours.

The weekly report on new claims for unemployment benefits dropped by 30,000 week over week to 260,000, right at the consensus estimate. Continuing claims rose by 51,000 to 1.675 million.

Friday brings the monthly report for January nonfarm payrolls. The consensus forecast calls for the addition of 150,000 new jobs, down from 199,000 in December. Private payrolls are forecast to drop from 211,000 in December to 125,000, and a rise in the headline unemployment rate from 3.9% to 4.0% is anticipated.

The three major indexes opened lower on Thursday, with the S&P 500 down about 1.5%, the Nasdaq about 2.8% and the Dow about 0.4%.

Communications services stocks, the sector in which Meta is included, came out down more than 5.5%, by far the biggest loser at the bell. All 11 sectors traded lower in the first few minutes of trading on  Thursday.

Here are the five tech stocks that made the biggest moves Wednesday morning.

Meta Platforms  Inc. (NASDAQ: FB) traded down by nearly 26% to $239.38, after setting a new 52-week low of $238.58. The stock’s 52-week high is $384.33. Meta cited comparison with stronger demand in the year-ago quarter, changes to Apple’s tracking requirements, supply chain disruptions (including labor shortages) and front-loading by advertisers during the recent holiday season.

Spotify Technology S.A. (NYSE: SPOT), another communications services stock, traded down nearly 13% to $167.45, after posting a new 52-week low of $163.69. The recent controversy involving Joe Rogan and several musicians has called into question Spotify’s subscriber numbers going forward. Inc. (NASDAQ: AMZN) traded down about 5%, at $2,872.11 in a 52-week range of $2,707.04 to $3,773.08. The company reports quarterly results after markets close, and investors apparently do not want to wait to sell the news because no matter what it is, it is unlikely to shift the sentiment generated by Meta.

Honeywell International Inc. (NYSE: HON) traded down by around 4.8% to $197.58, after missing the consensus revenue estimate and issuing downside guidance on earnings and revenues before markets opened.

T-Mobile US Inc. (NASDAQ: TMUS) traded up more than 10%, at $120.63 in a 52-week range of $101.50 to $150.20. The wireless carrier’s profits came in at more than double expectations, even though revenue fell short. Guidance included estimated net new customers of 5.0 million to 5.5 million for 2022. While that only equals 2021 growth, it represents a big lead over Verizon and AT&T.

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