Where will tech stocks go from here? Investors are questioning whether the sector can keep leading the market higher. Shares of Apple, Facebook Inc., Amazon.com Inc., Microsoft Corp. and Alphabet Inc. fell this week, injecting volatility into the broad market. The dizzying rally in technology stocks this year has helped fuel the market recovery, but the scale of the gains raise the possibility of large drawdowns this fall. Apple shares fell 1.3% Friday.
Peloton Interactive Inc.
Peloton is riding high. The exercise bike maker on Tuesday announced new equipment and a lower price for its core stationary bike, hoping to broaden its appeal following a surge of interest for at-home gear. The $2,000-plus price tag for its bikes has drawn the ire of critics who say its equipment is accessible only to rich people. Now, its base model will cost $1,895 instead of $2,245. Peloton also posted its first-ever profit this week after revenue nearly tripled during its recent quarter. Peloton shares gained 6.2% Tuesday.
Slack Technologies Inc.