The tech-heavy index, dominated by the Magnificent Seven and sensitive to interest rate movements, is down about 23% year-to-date. With heightened geopolitical risks and rising Treasury yields, investors are looking for results in stocks that once rode to new heights based on potential — and the Big Tech earnings haven't delivered.– but the Google parent missed significantly on cloud revenues, coming in at $8.41 billion compared to analysts' expectations of $8.6 billion.
Additionally, AI, while an eventual tailwind, has not yet been fully monetized in any way, shape or form. That process is going to take time. Take Oracle -- Russia’s central bank raised interest rates far more than forecast, alarmed that inflationary risks are still on the rise even after a reimposition of capital controls took pressure off the ruble.
'Everyone is locked in 3% mortgages except millennials': Bank of America data shows this generation is feeling the brunt of elevated interest rates — here's how to limit the financial stingDiscover a world of exciting games, from heart-pumping action to brain-teasing puzzles. Get the latest versions of the top games in 2023.These days, it feels like budgets are tight and cutting back is the name of the game. However, not all downsizing is the same.
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