Global Mega-Cap Stocks Slide in October

📆 01.11.2023 12:06:00
📰 SaltWire Network

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Global Mega-Cap Stocks,October,U.S. Interest Rates

Most global mega-cap stocks experienced a decline in October due to rising U.S. interest rates and lackluster earnings growth. Alphabet, Tesla, and Nvidia saw drops in market capitalization, while Microsoft's value increased. The slowdown in cloud business and reduced EV demand were among the factors affecting these stocks.

- Most global mega-cap stocks continued their slide in October, hit by the rise in U.S. interest rates and lacklustre third-quarter earnings growth among some top U.S. tech firms.

Tesla's market value tumbled almost 20% to $638 billion last month, largely due to the impact of rising U.S. interest rates on electric vehicle demand. Additionally, Panasonic Holdings, a key supplier to Tesla, announced a reduction in automotive battery production in Japan for the September quarter, highlighting a global slowdown in EV sales.

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