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Tech Stocks Continue to Plummet, Stoking Fears of Recession

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Tech Stocks Continue to Plummet, Stoking Fears of Recession

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.

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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.

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According to 'Time,' the slump has erased trillions of dollars in market value as investors dump shares across the spectrum of the tech industry.

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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.

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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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Credit: ODN    Duration: 00:49Published

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