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Why Alibaba, Amazon, and Meta Platforms Stocks Tumbled on Wednesday

Danny Vena, The Motley Fool
·4-min read
Why Alibaba, Amazon, and Meta Platforms Stocks Tumbled on Wednesday

Unfortunately, the latest rate hike came with a bit of collateral damage. With that as a backdrop, shares of Alibaba (NYSE: BABA) slipped as much as 5%, Amazon (NASDAQ: AMZN) stock was down as much as 3.1%, and Meta Platforms (NASDAQ: META) slipped as much as 2.8%. There was very little in the way of company-specific news behind the sell-off, but fears regarding the Fed's continued rate hikes and lower growth forecasts succeeded in dragging these technology stocks even lower.

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