Why Amazon, Okta, and Roku Stocks All Slumped Monday

A report on the state of the service sector fueled fears that the Federal Reserve will be forced to continue its relentless campaign of rising interest rates in order to bring inflation under control. With that as a backdrop, shares of Amazon (NASDAQ: AMZN) were down 3.3%, Okta (NASDAQ: OKTA) tumbled 4.8%, and Roku (NASDAQ: ROKU) slumped 7.1% by the time the market closed. A check of all the usual sources found no company-specific news behind the sell-off, which suggests that the latest service sector data had investors worried the Fed will likely continue its ongoing campaign of interest rate hikes.