Tech had a rough day. But don’t call it a dot-com meltdown moment yet
CNN
It’s only Tuesday, but it’s already been a rough week for the tech world.
It’s only Tuesday, but it’s already been a rough week for the tech world. A tech sell-off on Monday, spurred by disappointing earnings, helped to drag down wider markets. The “Magnificent Seven” tech stocks ultimately lost $615.6 billion in value on Monday, according to data from S&P Global. Investors were also rattled by questions about whether the tens of billions of dollars tech companies have invested in artificial intelligence will ever lead to real revenue increases, or if AI will prove to be a money sink that creates only modest efficiency gains. On Monday afternoon, a federal judge ruled that Google violated US antitrust law with its search business. The decision marked a stunning rebuke of Google’s core business that could upend its dominance in online search, and also may have ripple effects for fellow tech giants fighting their own antitrust battles. And then, of course, there were broader economic concerns fueled by a worse-than-expected unemployment figure and impatience for the US Federal Reserve to cut rates; in the past, recession fears have led key tech customers to pull back on spending. The confluence of factors gave the impression that Big Tech — which has fueled markets with its AI hype over the past 18 months — may now be on shaky ground.
There may be some cracks forming in the egg market.
Ruth Marcus, who recently resigned as a Washington Post columnist after four decades, said she parted ways with the paper following a spiked opinion piece on the paper’s billionaire owner because her job is to tell readers “what I think, not what Jeff Bezos thinks I should think.”
CNN is tracking price trends for various household staples each month as new factors threaten to increase costs.
Inflation slowed in February for the first time in four months, but that progress may be short lived as President Donald Trump ramps up his trade war, which threatens to increase prices for Americans.
With his chaotic trade policy, President Donald Trump is digging himself into an economic and political hole so deep, it may prove impossible to climb out.
American consumers – and their wallets – are the engine of the economy. But they’re now showing the strain of inflation, President Donald Trump’s tariffs and a stock market plunge.
Elon Musk has secured a major win in India by signing two back-to-back deals to bring SpaceX’s Starlink satellite internet services to the country.
President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imported into the United States early Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
Meta is once again facing allegations from a former employee that a growth-at-all-costs culture has caused offline harm.
It was almost an extraordinary scene in front of the White House. As Tesla shares have been tanking since the year began, President Donald Trump held remarks outside of the White House with the company’s CEO and Department of Government Efficiency Head Elon Musk – all in front of a line of shiny Tesla vehicles.
A Florida circuit judge on Monday denied the Pulitzer Board’s request to pause a defamation lawsuit from Donald Trump until the president is out of office.
US markets dropped again Tuesday after President Donald Trump doubled down on his threat to levy a new round of hefty tariffs on Canada.
President Donald Trump on Tuesday threatened a sharp escalation in the budding trade war with Canada in retaliation for Ontario’s export surcharge on US electricity.