Lots of Monday Blues news stories today.
Google’s Alphabet Inc. fell 5.4% and Microsoft Corp. fell 6.6% in the first week of 2022.
Alphabet extended its decline for 4 consecutive sessions with its shares plunging 0.5% on Friday (January 7) which was its biggest decline since March 2020 while Microsoft’s shares plunged 0.1% on the same day.
Microsoft and Alphabet are facing a tough start to 2022 after a year of best performance in which Alphabet achieved a 65% profit in 2021 and Microsoft surpassed 50%.
In addition, Friday's trading session was also affected by new employment reports which showed a decline in the unemployment rate and an increase in the wage rate.
Meanwhile, Apple Inc was up 0.1%, while Amazon.com Inc was down 0.4%and Meta Platforms was down 0.2%.
Growing Technology Software Sector ETF, iShare fell 0.8% and declined 8.8% on a weekly basis.
According to Goldman Sachs, the company is oversold given the positive demand trend in 2022.
Meanwhile, declining technology stocks have caused U.S. bond yields to soar with U.S. 10 -year treasury yields up 1.77% on Friday which is the highest since January 2020.
