Technology stocks reverted to their old ways this week and were declining as investors grew increasingly concerned that the Federal Reserve's commitment to interest rate increases could end up pushing the economy into a recession. Investors were also responding to less-than-stellar news for Salesforce news this week, and an analyst's downgrade for Shopify's stock. Investors were generally pessimistic as they considered Federal Reserve Chairman Jerome Powell's comments last week.
(Bloomberg) -- Salesforce Inc. co-Chief Executive Officer Marc Benioff touted new software product features in a keynote speech to customers without acknowledging his company is experiencing a wave of executive turnover and investor skepticism.Most Read from BloombergCeline Dion Brings Attention to Stiff Person Syndrome: Here’s What It IsTesla's Troubles Are Piling Up While Elon Musk Is Distracted With TwitterPutin Calls Russian Nukes Deterrent Factor, Says War Risk RisingChina Delivers First Ho
Shares of Salesforce (NYSE: CRM) were trading down about 2.5% at the market open on Thursday following a downgrade by Baird analyst Rob Oliver. The analyst cited recent executive departures and a tough economic environment that could pressure sales in the near term. With companies focusing more on doing more with less to save money, Salesforce has felt the impact on its business.