Apple, Microsoft lead big tech losses as inflation fears rise
Spencer Platt/Getty Images News


Big-name tech stocks such as Apple (NASDAQ:AAPL), Intel (NASDAQ:INTC), Microsoft (NASDAQ:MSFT) and HP Inc. (HPQ) were unable to put the brakes on a day of losses, Wednesday, as the sector was caught up in broad selloff spurred on by the disappointing quarterly results from two of America's biggest retailers.

Target (TGT) shares ended the day down by nearly 25% after the retailer reported first-quarter results that failed to meet Wall Street's forecasts, and also gave a second-quarter outlook that was weaker than expected. Target (TGT) cited higher fuel costs among the reasons impacting its earnings and sales.
Wal-Mart (WMT) fell almost 7% in the wake of its weaker-than-expected report and outlook in which it also said business was hampered by rising fuel costs and inflation.
And it was consumer fears about inflation not easing any time soon that spurred investors into selling mode, and which drove down the shares of many tech bellwethers.
Among the tech sector kingpins, Apple (AAPL) fell 5.6% on the day, while Intel (INTC) gave up 4.6%, Microsoft fell almost 5% and HP (HPQ) dropped by 7% on the day.
Salesforce (CRM), which Roth Capital analyst Richard Baldry upgraded to buy from neutral, saw its shares fall 4%. Baldry said that Salesforce may be in line to benefit from renewed growth in the second half of the year.
Cisco Systems (NASDAQ:CSCO) shares ended the day down by more than 4%
ahead of its quarterly results due after the market close.