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.
'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'
Creativity is all about connection and increasingly brands will communicate via evolving technologies as the metaverse takes shape, says Meta’s Angie Gifford.
Credit: euronews (in English) Duration: 04:07Published
Meta, Epic Games, Microsoft and Others , Team Up To Develop Metaverse Standards.
Meta, Epic Games, Microsoft and Others , Team Up To Develop Metaverse Standards.
Meta, Epic Games, Microsoft and Others , Team Up To Develop Metaverse Standards.
Engadget reports that a group of some of the biggest tech names have formed an organization called the Metaverse Standards Forum.
The goal of the group is to develop standards by which an open metaverse can be achieved. .
Founding members include
Meta, Epic Games, Microsoft.
Founding members include
Meta, Epic Games, Microsoft.
Founding members include
Meta, Epic Games, Microsoft.
Huawei, Nvidia, Sony Interactive Entertainment.
Huawei, Nvidia, Sony Interactive Entertainment.
Huawei, Nvidia, Sony Interactive Entertainment.
Qualcomm, Unity and Adobe.
Qualcomm, Unity and Adobe.
Notably, Apple and Google are missing from the list.
Notably, Apple and Google are missing from the list.
Both tech behemoths are reportedly working on their own respective AR headsets which are expected to be prominent metaverse devices.
Both tech behemoths are reportedly working on their own respective AR headsets which are expected to be prominent metaverse devices.
However, Metaverse Standards Forum membership is open to all organizations free of charge.
so more companies could join down the road.
Multiple industry leaders have stated that the potential of the metaverse will be best realized if it is built on a foundation of open standards, Metaverse Standards Forum, via press release
Credit: Wibbitz Top Stories Duration: 01:30Published
Facebook and Instagram
To Postpone , Taking a Cut of
Creators’ Revenues
Until 2024.
On June 21, Mark Zuckerberg announced monetization updates for both platforms in a Facebook post.
On June 21, Mark Zuckerberg announced monetization updates for both platforms in a Facebook post.
Previously, Meta said it wouldn't share in creator revenue until 2023, but that has now been pushed back to 2024.
Additionally, Facebook has added a new feature that allows creators to give fans subscriber-only access.
The Verge reports that more creators will also be eligible for cash bonuses for making Reels.
Instagram videos cross-posted to Facebook will be eligible for monetization as well.
Instagram videos cross-posted to Facebook will be eligible for monetization as well.
Stars, Facebook's tipping method, will be available to eligible creators.
Also being tested is an Instagram creator marketplace that allows brands and creators to easily partner up.
The Verge reports that a select group of American users will also "soon" have access to Facebook's NFT rollout
Credit: Wibbitz Top Stories Duration: 01:31Published
Meta Introduces , New Parental Controls , for Instagram and Virtual Reality.
NPR reports that Facebook's parent company Meta has announced new parental supervision measures for Instagram and its virtual reality headset.
NPR reports that Facebook's parent company Meta has announced new parental supervision measures for Instagram and its virtual reality headset.
The new features come after the company has faced intense scrutiny, particularly regarding child safety and detrimental effects on younger users.
The new features come after the company has faced intense scrutiny, particularly regarding child safety and detrimental effects on younger users.
In December, the company first announced
that it would be rolling out new safety tools
aimed at teens and their parents.
In December, the company first announced
that it would be rolling out new safety tools
aimed at teens and their parents.
NPR reports that Meta is now taking steps
to give parents and guardians additional
oversight of their kids' activities.
NPR reports that Meta is now taking steps
to give parents and guardians additional
oversight of their kids' activities.
One of the new features allow teens to use new 'nudges' that will help them switch to a different topic after repeatedly looking at the same type of content. .
We designed this new feature because
research suggests that nudges can be
effective for helping people — especially
teens — be more mindful of how
they're using social media in the moment, Meta statement, via NPR.
We designed this new feature because
research suggests that nudges can be
effective for helping people — especially
teens — be more mindful of how
they're using social media in the moment, Meta statement, via NPR.
Meta said it also plans to launch reminders for teens to turn on the existing 'Take a Break' feature.
Another aspect of the new features is to give parents more information and resources, including a Family Center education hub and tips for talking to teens.
Another aspect of the new features is to give parents more information and resources, including a Family Center education hub and tips for talking to teens.
This is just a starting point, informed by careful collaboration with industry experts, and we'll continue to grow and evolve our parental supervision tools over time, Meta statement, via NPR.
This is just a starting point, informed by careful collaboration with industry experts, and we'll continue to grow and evolve our parental supervision tools over time, Meta statement, via NPR.
The news comes after Meta was hit with eight lawsuits which accuse the company of deliberately making Instagram and Facebook addictive to young people.
The news comes after Meta was hit with eight lawsuits which accuse the company of deliberately making Instagram and Facebook addictive to young people
Credit: Wibbitz Top Stories Duration: 01:31Published
Major Companies Announce, Layoffs and Hiring Freezes, as Fears of Recession Loom.
Yahoo reports that the United States has
been impacted by a wave of corporate layoffs
meant to cut costs amid broad market selloffs. .
Big firms like Uber, Microsoft,
Twitter, Wayfair, Snap and
Meta have all seen layoffs. .
Big firms like Uber, Microsoft,
Twitter, Wayfair, Snap and
Meta have all seen layoffs. .
Other major companies to recently let go of employees include Tesla, PayPal, Uber and Netflix.
Other major companies to recently let go of employees include Tesla, PayPal, Uber and Netflix.
Tesla CEO Elon Musk announced
his concerns about a potential
recession in a company wide email. .
The same email decreed that 10% of Tesla's staff needed to be laid off and hiring for the company would be put on hold worldwide.
In May, Netflix fired about 150 U.S.-based
employees after the company's
revenue growth slowed down.
In May, Netflix fired about 150 U.S.-based
employees after the company's
revenue growth slowed down.
Also in May, Carvana fired 2,500 employees,
or about 12% of its entire staff, after announcing
its $2.2 billion acquisition of Adesa. .
Also in May, Carvana fired 2,500 employees,
or about 12% of its entire staff, after announcing
its $2.2 billion acquisition of Adesa. .
In April, Robinhood Markets announced
a layoff of 9% of its full-time employees. .
As a result, stock in Robinhood
fell about 52.5% as of June 8.
Facebook parent company Meta
announced a company wide hiring freeze
with stock down 42% year-to-date.
According to Meta, the company is focusing
on its core business and Reality Labs after making
a $10 billion investment in developing the metaverse. .
According to Meta, the company is focusing
on its core business and Reality Labs after making
a $10 billion investment in developing the metaverse.
Credit: Wibbitz Top Stories Duration: 01:31Published
Bitcoin Sinks to , 10-Month Low.
Reuters reports that on May 9,
Bitcoin hit its lowest point since July 2021.
At one point, it dropped to $32,763.16.
Reuters reports that since the cryptocurrency reached an all-time high of $69,000 last November.
it has lost over half its value and
fallen 13% in May thus far. .
Matt Dibb, COO of crypto platform
Stack Funds, addressed the current trend.
I think everything within crypto is still classed as a risk asset, and similar to what we've seen with the Nasdaq, most crypto currencies are getting pummeled, Matt Dibb, COO of crypto platform Stack Funds, via Reuters.
As the U.S. Federal Reserve continues to hike interest rates to battle inflation.
the Nasdaq dropped 1.5% last week, losing 22% year to date.
Reuters reports that Ether, the second-biggest cryptocurrency in the world, also hit its lowest point since February on May 9 at $2,360
Credit: Wibbitz Top Stories Duration: 01:30Published
Russian Sanctions Target , US Treasury Secretary, Netflix CEO and Others.
Russian Sanctions Target , US Treasury Secretary, Netflix CEO and Others.
Fox News reports Russia has announced more sanctions on the U.S. in retaliation for America's pressure on the country amid Putin's war with Ukraine.
Fox News reports Russia has announced more sanctions on the U.S. in retaliation for America's pressure on the country amid Putin's war with Ukraine.
They were announced the same day
U.S. authorities were granted a warrant to
seize jets belonging to Roman Abramovich. .
In response to the ever-expanding
U.S. sanctions against Russian political and public figures, as well as representatives of domestic business, , Russia's Foreign Ministry, via statement, as reported by Fox News.
61 American citizens from among the heads of leading military-industrial complex corporations, media platforms and rating agencies, aircraft and shipbuilding companies, are included in the ‘stop list.', Russia's Foreign Ministry, via statement, as reported by Fox News.
Prominent Americans who are being targeted include Janet Yellen, Netflix CEO Reed Hastings.
Prominent Americans who are being targeted include Janet Yellen, Netflix CEO Reed Hastings.
U.S. Energy Secretary Jennifer Granholm, White House communications director Kate Bedingfield.
U.S. Energy Secretary Jennifer Granholm, White House communications director Kate Bedingfield.
NY Stock Exchange chairman Jeffrey Sprecher.
former Raytheon Technologies
executive VP Tracey Atkinson.
Delta Air Lines CEO Ed Bastian and
United Airlines president Brett Hart.
Delta Air Lines CEO Ed Bastian and
United Airlines president Brett Hart
Credit: Wibbitz Top Stories Duration: 01:30Published
Supreme Court Limits , EPA's Authority To Regulate , Power Plant Emissions.
Supreme Court Limits , EPA's Authority To Regulate , Power Plant Emissions.
On June 30, the Supreme Court limited
the Environmental Protection Agency's ability
to reduce carbon dioxide emissions from power plants.
'Time' reports that the ruling
delivered a significant blow
to the fight against climate change.
The Court ruled that the Clean Air Act does not give the Environmental Protection Agency broad authority to regulate greenhouse gas emissions from power plants.
According to 'Time,' power plants account for approximately 30% of carbon dioxide output.
President Joe Biden has pledged
to cut greenhouse gas emissions in
the U.S. in half by the end of the decade.
His ambitious goal includes having an emissions-free power sector by 2035. .
The Supreme Court's decision could
complicate the Biden administration's
strategy for fighting climate change. .
The fight against broader EPA authority to regulate
carbon output was supported by prominent businesses,
including Apple, Amazon, Google, Microsoft and Tesla. .
'Time' reports that a recent
United Nations panel warned that , the effects of climate change , are about to worsen.
According to the U.N. report, those changes
will make the world sicker, hungrier, poorer
and more dangerous in the near future
Credit: Wibbitz Top Stories Duration: 01:30Published
Amazon and Rite Aid , Limit Emergency Contraception Purchases.
Amazon and Rite Aid , Limit Emergency Contraception Purchases.
CNN reports that sales of emergency contraception spiked following the Supreme Court's decision to overturn Roe v. Wade.
As a result, Amazon has limited the
purchase of emergency contraception, including Plan B, to three per week.
As a result, Amazon has limited the
purchase of emergency contraception, including Plan B, to three per week.
Rite Aid has followed suit.
Due to increased demand, at this time we are limiting purchases of Plan B contraceptive pills to three per customer. , Alicja Wojczyk, senior manager of
external communications for Rite Aid, to CNN .
On June 27, CVS told CNN it would also be limiting emergency contraception purchases to three per customer.
but it removed those purchase limits on June 28. .
Immediately following the Supreme Court decision, we saw a sharp increase in the sale of emergency contraceptives and implemented a temporary purchase limit to ensure equitable access, Matt Blanchette, Senior Manager of Retail Communications
with CVS Pharmacy, to CNN.
Sales have since stabilized and we’re in the process of removing the purchase limits, which will take effect in-store and on CVS.com over the next 24 hours. , Matt Blanchette, Senior Manager of Retail Communications
with CVS Pharmacy, to CNN.
We continue to have ample supply of emergency contraceptives to meet customer needs, Matt Blanchette, Senior Manager of Retail Communications
with CVS Pharmacy, to CNN
Credit: Wibbitz Top Stories Duration: 01:30Published
The project has been in development for almost two years. 'One Day at a Time' alums Mike Royce and Brigitte Muñoz-Liebowitz have also come aboard as writers on the show, which hails from Sony Pictures Television.
Credit: The Hollywood Reporter Duration: 01:20Published
Amazon’s E-Book Policy , Sparks Author Protest .
Authors claim that the Kindle return policy that allows readers to "cancel an accidental book order within seven days" equates to stealing.
Self-published authors are reporting that refunds can sometimes leave their accounts in the red.
It really rattled me. You think, 'Can I still make a living if this continues?' and that's
very disheartening, Lisa Kessler, Paranormal Romance Author,
via NPR News.
One author recently tweeted that, "Amazon is NOT a library. When you read and return a book it COSTS the author." .
Reading it and making me think that I've made an income and then that income being taken away from me, that feels
like stealing, Eva Creel, Fantasy Writer, via NPR News.
Some authors question why policies for digital books are different from other digital products.
I don't really understand why digital movies and digital music aren't returnable, but digital books you have a whole week to read that book and return, Lisa Kessler, Paranormal Romance Author,
via NPR News.
That doesn't make sense to me. It's still a digital product, Lisa Kessler, Paranormal Romance Author,
via NPR News.
An Amazon spokesperson responded to the controversy.
Amazon aims to provide the best possible experience for customers and authors. , Amazon Spokesperson, via NPR News.
We have policies and mechanisms in place to prevent our e-books returns policy from being abused. , Amazon Spokesperson, via NPR News.
We're always listening to feedback and we investigate any concerns we receive, Amazon Spokesperson, via NPR News.
Some authors expressed hope that once readers understand how the policy affects authors,
readers will be more mindful.
The best thing to come out of this big scandal is that readers have writer's backs, and that means the world to writers, Lisa Kessler, Paranormal Romance Author,
via NPR News
Credit: Wibbitz Top Stories Duration: 01:31Published
Sir Keir Starmer has reacted to the resignations of Rishi Sunak and Sajid Javid from Boris Johnson’s government. The Labour leader said, “it’s clear that this Tory government is now collapsing”, and, “the Tory party is corrupted”. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Sajid Javid has resigned as health secretary in protest at the prime minister’s leadership. The former health secretary arrived home on Tuesday evening saying he was going to “spend some time with my family.” Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Culture Secretary Nadine Dorries is seen entering and leaving 10 Downing Street on Tuesday evening following Rishi Sunak’s and Sajid Javid’s resignations from Boris Johnson’s government. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Deputy Labour Leader Angela Rayner has welcomed the resignations of Rishi Sunak and Sajid Javid from the government, and says that the “Conservative Party should be ashamed that they’ve propped him [Boris Johnson] up for as long as they have done.” Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Rishi Sunak and Sajid Javid have resigned from their cabinet positions as chancellor and health secretary, respectively. Boris Johnson’s government car was seen taking him from Parliament to 10 Downing Street on Tuesday evening. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
FCC Commissioner
Urges Apple, Google , To Remove TikTok From App Stores.
FCC Commissioner
Urges Apple, Google , To Remove TikTok From App Stores.
FCC Commissioner Brendan Carr
tweeted a June 24 letter he sent to
the tech giants on June 28.
The letter was addressed to Apple CEO Tim Cook and Google CEO Sundar Pichai.
The letter was addressed to Apple CEO Tim Cook and Google CEO Sundar Pichai.
The issue with the mega-popular app owned by China-based company ByteDance is data security.
TikTok is not what it appears to be on the surface. It is not just an app for sharing funny videos
or meme. , Brendan Carr, FCC Commissioner, via CNBC.
That’s the sheep’s clothing, Brendan Carr, FCC Commissioner, via CNBC.
At its core, TikTok functions as a sophisticated surveillance tool that harvests extensive amounts of personal and sensitive data, Brendan Carr, FCC Commissioner, via CNBC.
Neither company has
responded publicly
to Carr's letter.
Carr has demanded that if the companies do not comply with his request, they must provide a statement of explanation.
[The statements must explain] the basis for your company’s conclusion that the surreptitious access of private and sensitive U.S. user data by persons
located in Beijing, , Brendan Carr, FCC Commissioner, via CNBC.
... coupled with TikTok’s pattern of misleading representations and conduct, does not run afoul of any of your app store policies, Brendan Carr, FCC Commissioner, via CNBC.
According to a BuzzFeed report, TikTok employees have been recorded discussing how the app gave China-based engineers access to users' data in the U.S. .
A TikTok spokesperson
reacted to the news.
We know we’re among the most scrutinized platforms from a security standpoint, and we aim to remove any doubt about the security of U.S. user data. , TikTok Spokesperson, via CNBC.
That’s why we hire experts in their fields, continually work to validate our security standards, and bring in reputable, independent third parties to test our defenses, TikTok Spokesperson, via CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Harley-Davidson Ordered by FTC , To Follow Right-To-Repair Rules.
Harley-Davidson Ordered by FTC , To Follow Right-To-Repair Rules.
On June 23, the U.S. Federal Trade Commission ordered Harley-Davidson and MWE Investments, a generator company, .
On June 23, the U.S. Federal Trade Commission ordered Harley-Davidson and MWE Investments, a generator company, .
to discontinue the practice of
voiding warranties due to third-party repairs. .
The order covers Westinghouse generators and Harley-Davidson motorcycles.
The order covers Westinghouse generators and Harley-Davidson motorcycles.
Illegal repair restrictions can significantly raise costs for consumers, stifle innovation, close off business opportunity for independent repair shops, create unnecessary electronic waste, delay timely repairs, and undermine resiliency, Lina Khan, FTC Chair, via statement .
Illegal repair restrictions can significantly raise costs for consumers, stifle innovation, close off business opportunity for independent repair shops, create unnecessary electronic waste, delay timely repairs, and undermine resiliency, Lina Khan, FTC Chair, via statement .
It is critical that unlawful repair restrictions continue to be a key area of focus for the Commission, Lina Khan, FTC Chair, via statement .
Both companies must now let buyers know their rights to third-party repairs and direct authorized dealers to halt the promotion of OEM parts over third-party ones.
Illegal terms must also be removed from
each of the companies' warranties.
Right-to-repair policies have gained
traction in recent years.
especially when it comes to tech devices manufactured by companies such as Apple
Credit: Wibbitz Top Stories Duration: 01:31Published
The successful vote is one of many unionisation drives occurring at global giants such as Starbucks and Amazon, mostly led by workers in their 20s and teens.
Credit: euronews (in English) Duration: 00:50Published
Russia Orders Operational Pause , in Invasion of Ukraine, After Major Victory .
On July 4, Russian President Vladimir Putin
ordered a pause in the invasion of Ukraine
for Russian forces to "build up strength.".
'Newsweek' reports that the announcement
comes after Moscow claimed a major victory
in capturing Ukraine's eastern Luhansk region. .
Putin made the announcement
during a meeting with Sergei Shoigu. .
The units that took part in active
hostilities and achieved success, victories
in the Luhansk direction, of course, should
rest, increase their combat capabilities, Vladimir Putin, Russian President, via 'Newsweek'.
On July 3, Ukrainian forces were forced
to withdraw from Lysychansk, the last
Ukraine-controlled city in the Luhansk region. .
On July 3, Ukrainian forces were forced
to withdraw from Lysychansk, the last
Ukraine-controlled city in the Luhansk region. .
Russian troops that fought through
Severodonetsk and Lysychansk very likely
do need a significant period in which
to rest and refit before resuming
large-scale offensive operations, The Institute for the Study of War (IWS), via 'Newsweek'.
It is not clear, however, that the Russian military will accept the risks of a long enough operational pause to allow these likely exhausted forces to regain their strength, The Institute for the Study of War (IWS), via 'Newsweek'.
It is not clear, however, that the Russian military will accept the risks of a long enough operational pause to allow these likely exhausted forces to regain their strength, The Institute for the Study of War (IWS), via 'Newsweek'.
Putin also ordered soldiers who
"distinguished themselves" in seizing Luhansk
be rewarded for their service.
On July 5, Putin awarded the "Hero of Russia"
title to Major General Esedulla Abachev
and Colonel General Alexander Lapin.
According to state-run news agency TASS,
both soldiers played key roles
in the capture of Luhansk.
Credit: Wibbitz Top Stories Duration: 01:31Published
From Russian troops shifting their focus on taking control over the rest of the Donbas, to President Zelenskyy believing Belarus will not be dragged into the conflict, these are the stories about the war you need to know on Tuesday.
Credit: euronews (in English) Duration: 05:07Published
In a slight relief to many, India recorded a major dip in Covid-19 cases after reporting more than 16,000 cases for the past few days. 13,086 fresh covid cases were added to the total tally of Covid-19 infections in the country on Tuesday. 19 covid related casualties were recorded on Monday. This was a major dip from 16,135 infections logged on Monday.
#CovidUpdate #Covid19Cases #Live
Stocks Continue to Slip , on Wall Street, , Edging Closer to Bear Market.
On May 19, Wall Street saw stocks fall
in early morning trading, worsening
a slump experienced by major indexes.
On May 19,..
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Advance , After Flirting With , Bear-Market Territory.
Al Jazeera reports that stocks managed
to make a minor comeback following
a chaotic week in financial markets.
Al Jazeera..
Credit: Wibbitz Top Stories Duration: 01:31Published
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