The stock market experienced a turbulent week influenced by concerns over US economic data. Cryptocurrencies also experienced significant losses before recovering toward the end of the week.
Meanwhile, a long-awaited ruling could have massive implications for the tech sector, and a California-based chip stock became the most recent to fall short of steep expectations.
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
The stock market experienced one of its most turbulent weeks since the pandemic after a sudden shift in Japan’s monetary policy triggered an unwinding of yen carry trades on Monday (August 5). That set off a chain reaction that led to a selloff in Asian stock markets as investors tried to reduce their risk exposure.
By the end of the day, market sentiment had improved. The S&P 500 and Nasdaq-100 both saw rebounds, closing 2.36 and 3.68 percent higher, respectively, from their lowest points on Monday.
Indexes gained some ground as investors trickled back into tech stocks. The S&P 500 recovered more than 4 percent and the Nasdaq-100 gained over 5 percent on Thursday, as compared to their lowest points on Monday, indicating a substantial rebound from the previous week’s losses.
Panic selling also added to uncertainty in cryptocurrency markets this week.
On Thursday the rally continued, with Bitcoin crossing into US$60,000 territory for the first time this week and Ethereum breaking past US$2,600.
While prices have somewhat rebounded alongside stock markets, the recovery has been uneven. As of Friday (August 9)afternoon, Bitcoin is selling for 2.2 percent less than last week and down 1.7 percent in 24 hours, but up 5.5 percent over 30 days. Conversely, Ethereum has struggled to regain lost ground, currently down 2.8 percent in 24 hours, and still down 13.6 percent and 16.2 percent over seven and 30 days, respectively.
The sale contributed to Berkshire’s cash pile reaching US$276.9 billion.
A landmark decision with far-reaching implications for the tech industry was reached on Monday.
Mehta continued, “The trial evidence firmly established that Google’s monopoly power, maintained by the exclusive distribution agreements, has enabled Google to increase text ads prices without any meaningful competitive constraint.”
Despite a promising sales forecast between US$6 billion and US$7 billion – above analysts’ forecasted US$5.46 billion – its stock price plummeted 13.79 percent to open at US$531.88 on Wednesday and continued falling throughout the day.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Leave a Reply