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Benzinga

Business

Henry Khederian

Why Alphabet Shares Are Getting Hammered Today

Nasdaq Alphabet Inc US Federal Reserve

Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) shares are trading lower by 3.87% to $2,110.35 Thursday afternoon in sympathy with the overall market.

Companies in the broader technology sector are experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.

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