A broad cross section of stocks stumbled on Tuesday, as market watchers focused on deteriorating macroeconomic conditions and the potential that things could get worse before they get better.
E-commerce platform Amazon (NASDAQ: AMZN) stock was down as much as 2.3% on Tuesday morning, mobile games platform Skillz (NYSE: SKLZ) slipped as much as 5.1% and online used car retailer Carvana (NYSE: CVNA) was off by as much as 6.7%. As of 2:34 p.m. ET, the trio were still trading lower, down 1.5%, 2.9%, and 3%, respectively. These stocks followed the broader market lower, as the S&P 500 gave up 1.2%, while the Nasdaq Composite declined more than 1.4%.
There was very little in the way of company-specific news behind the sell-off, but fears regarding the faltering economy intensified as investors weighed the possibility that they could be facing higher inflation and the potential for a prolonged recession.
For further details see:
Why Amazon, Carvana, and Skillz Stocks Slumped Tuesday Morning