Big Technology Stocks like Tesla, Amazon and Microsoft Just Finished Their Worst Quarter in Years
U.S. stocks fell Thursday to end the second quarter, prompting the S&P 500's weakest first half of the year since 1970.
Electric-vehicle maker Tesla endured its largest quarterly decline since its 2010 initial public offering as the stock sank almost 38%. In the quarter CEO Elon Musk made a bid to acquire social-media company Twitter for $44 billion. Tesla, which reached a trillion-dollar market capitalization in 2021, experienced its worst decline since its initial public offering in 2010 in the second quarter. Amazon stock tumbled nearly 35%.
Investors lowered the valuations of the world's largest technology companies in the second quarter as central bankers ratcheted up interest rates to ward off inflation.
Big technology names became less valuable in the first quarter, with Fed’s robust monetary tightening cutting into business and adding to supply complications that appeared in the pandemic, sending the broad S&P 500 index down about 5%. The situation worsened in the second quarter as prices – in particular, gas and grains – even further accelerated with geopolitical fallout in Ukraine. While the S&P tumbled another 16%, the technology-heavy Nasdaq Composite index declined 22%.
U.S. Treasury to End 1979 Treaty with Global Minimum Tax Holdout Hungary
The U.S. Treasury on Friday said it was moving to terminate a 1979 tax treaty with Hungary in the wake of Budapest's decision to block the European Union's implementation of a new, 15% global minimum tax.
Fed Minutes Show Appetite For More Rate Hikes to Fight 'Entrenched' Inflation
The Federal Reserve was worried that inflation may become so entrenched in the U.S. economy that the public would question its resolve to fight it,
British Pound Q3 2022 Forecast: The Bank of England - It’s Time to Decide
The second quarter of the year has been a tricky three months for the Bank of England (BoE) as inflation continued to soar – and is expected to rise further - while growth slowed to a crawl, sparking fears that the UK may enter a recession (two consecutive quarters of negative growth).
