Tech Stocks Continue to Plummet, Stoking Fears of Recession

Video Credit: Wibbitz Top Stories
Published on May 11, 2022 - Duration: 01:31s

Tech Stocks Continue to Plummet, Stoking Fears of Recession

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.

Russiaโ€™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.

Russiaโ€™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 wonโ€™t be a dress rehearsal like with [COVID-19], Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, via 'Time'


You are here


๐Ÿ’ก newsR Knowledge: Other News Mentions




Amazon (company)

American multinational technology company
The funeral of a British journalist murdered in the Amazon has taken place in Brazil.
6 hours ago • Sky News
The boat used by murdered British journalist Dom Phillips and Brazilian indigenous expert Bruno Pereira to travel through the Amazon rainforest has been found,..
6 days ago • Sky News




COVID-19

Contagious disease caused by SARS-CoV-2
England wicketkeeper Ben Foakes is ruled out of the remainder of the third Test against New Zealand after testing positive for Covid-19.
Credit: BBC Sport - Published 17 hours ago

India on Sunday reported 11,739 fresh Covid cases and 25 deaths. With this rise in cases, the active caseload has increased to 92,576, which is 0.21 per cent of..
Credit: IndiaTimes - Published 20 hours ago

The death toll due to Covid-19 in India has now climbed to 5,24,999 with 25 new fatalities, the Health Ministry said.
Credit: DNA - Published 21 hours ago

Related videos from verified sources

Stocks Continue to Slip on Wall Street, Edging Closer to Bear Market 01:30
Video credit: Wibbitz Top Stories - Published on May 19, 2022 

Stock Markets Advance After Flirting With Bear-Market Territory 01:31
Video credit: Wibbitz Top Stories - Published on May 13, 2022 

You might like