Alphabet (NASDAQ:GOOGL) Inc.'s shares experienced a significant drop on Wednesday, falling by 9.51% to $125.61. This unexpected downturn disrupted a two-day growth trend and concluded with the stock trading at $15.61 below its year-high set on October 12, 2023.
In addition to the sharp decrease in share price, Alphabet also saw an unusual surge in trading volume. A total of 83.2 million shares were traded, more than three times its average volume, indicating intense investor activity.
Meanwhile, amidst this market struggle, Microsoft Corp (NASDAQ:MSFT). managed to outperform Alphabet. The tech giant's shares rose by 3.07%, overshadowing the declines of other major players like Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META), which fell by 5.58% and 4.17% respectively.
This latest market shift comes as a surprise, given Alphabet's recent upward trend. However, it remains to be seen how these changes will impact the broader tech sector in the longer term.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.