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.) market capitalization dropped nearly 6% to $1.56 trillion at the end of October, as its cloud business faced its slowest growth in 11 quarters, primarily due to reduced corporate spending on cloud-related services in response to the global economic slowdown.
Meanwhile, Saudi Arabian Oil Co’s market cap slumped nearly 5% to $2.1 trillion, affecting by ongoing conflict in the Middle East and a decline in oil prices. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
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