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Recession

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16 days ago

Tech Stocks Continue to Plummet, Stoking Fears of Recession

Wibbitz Top Stories
Wibbitz Top Stories
Tech Stocks , Continue to Plummet, , Stoking Fears of Recession.
'Time' reports that the tech sector has suffered
deep losses as much of the population returns
to work after two years of the pandemic.
On May 9, the tech-heavy Nasdaq dipped over 4% after
a disappointing April that had the worst monthly
performance since the 2008 financial crisis. .
On May 9, the tech-heavy Nasdaq dipped over 4% after
a disappointing April that had the worst monthly
performance since the 2008 financial crisis. .
According to 'Time,' the slump has erased trillions of dollars in market value as investors dump shares across the spectrum of the tech industry. .
On May 11, shares of Amazon
were trading 40% below the company's
52-week high of $3,773.08.
On May 11, shares of Amazon
were trading 40% below the company's
52-week high of $3,773.08.
Shares of Apple also have dropped 15% since January
2022, while Facebook's parent company, Meta, has
seen its stock price drop 47% since September.
Shares of Apple also have dropped 15% since January
2022, while Facebook's parent company, Meta, has
seen its stock price drop 47% since September.
U.S. Treasury Secretary Janet Yellen
warned that market turbulence
is likely to extend through the summer.
There is the potential for continued
volatility and unevenness of global growth
as countries continue to grapple with
the pandemic. Russia’s unprovoked
invasion of Ukraine has further
increased economic uncertainty, Janet Yellen, U.S. Treasury Secretary, via 'Time'.
There is the potential for continued
volatility and unevenness of global growth
as countries continue to grapple with
the pandemic. Russia’s unprovoked
invasion of Ukraine has further
increased economic uncertainty, Janet Yellen, U.S. Treasury Secretary, via 'Time'.
According to 'Time,' there are three primary factors driving the downward trajectory of tech stocks. .
The plunge is the result of falling earnings,
rising interest rates and concerns regarding
the future outlook of the economy.
The plunge is the result of falling earnings,
rising interest rates and concerns regarding
the future outlook of the economy.
The entire U.S. economy is about
to shut down again, but this time
it won’t be a dress rehearsal
like with [COVID-19], Peter Schiff, CEO and chief global strategist
at Euro Pacific Capital, via 'Time'
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