Tech Companies Take A Huge Hit On The Nasdaq Talk That Tech podcast

Tech Companies Take A Huge Hit On The Nasdaq

18d ago 58:37

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Tech companies take a huge hit on the Nasdaq.

This week, tech companies experienced significant declines in the stock market, driven by various economic concerns and disappointing earnings reports from major firms.

Nasdaq Enters Correction Territory: The tech-heavy Nasdaq Composite index fell into correction territory, dropping sharply due to economic worries. This was highlighted by a 2.3% decline on Thursday, followed by a further 2.4% drop on Friday.
Earnings Reports Impact: Key tech companies like Amazon and Intel reported disappointing earnings and guidance, which contributed to the sell-off. Intel's stock plummeted by approximately 20% in after-hours trading, while Amazon's shares fell by 5% after failing to meet analysts' expectations. Conversely, Apple reported better-than-expected earnings, which provided a slight positive offset.
Broader Market Impact: The downturn in tech stocks also affected broader market indices. The Dow Jones Industrial Average dropped by 345 points, or 0.9%, on Friday, while the broader market index decreased by almost 1.4%.
Economic Concerns: Investors' fears of a potential recession were reignited, contributing to the sell-off. The anticipation of the nonfarm payrolls report for July and other economic data added to the market's volatility.

Overall, this week's stock market performance for tech companies was marked by significant losses and heightened volatility, driven by economic concerns and underwhelming earnings reports.rch tools.

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