Apple, Amazon, Tesla stocks dive into the red after inflation data

Shares of technology behemoths, and electric vehicle maker Tesla Inc.
TSLA,
-0.54%,
pulled sharp U-turns in premarket trading to dive into negative territory after data showing that inflation rose more than expected in June. Of the top-5 companies by market capitalization, shares of Apple Inc.
AAPL,
+0.68%
fell 1.9%, Microsoft Corp.
MSFT,
-4.10%
dropped 1.8%, Alphabet Inc.
GOOGL,
-1.43%
GOOG,
-1.44%
slid 2.0%, Amazon.com Inc.
AMZN,
-2.26%
shed 2.0% and Tesla sank 3.3%. The consumer price index (CPI) rose 1.3% in June, compared with expectations of a 1.1% advance, as year-over-year inflation increased to 9.1% to the highest rate since November 1981. In addition, inflation-adjusted wages fell 1% in June. Prior to the CPI release, shares of Apple, Microsoft, Amazon and Tesla were all gaining more than 1%, while Alphabet’s stock was only down about 0.2%. Meanwhile, futures
ES00,
-1.26%
for the S&P 500
SPX,
-0.92%
swung from a gain of about 0.9% just before the data to a loss of 1.6%.