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.
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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.