Nearly $1tn was wiped off the value of the biggest US tech companies this week before a partial rebound, with headlong growth stalling because of the slowing global economy and mounting cost pressures. The stock market losses accelerated late on Thursday after Amazon shocked Wall Street with a weak revenue forecast for its all-important fourth quarter of the year, when holiday shopping normally buoys its revenues. The news extended a surprisingly weak earnings season from the huge US digital groups, ending a surge in growth during the coronavirus pandemic and putting paid to hopes that they would withstand the inflation and weakening growth that are hitting the wider economy. Read More...
Nearly $1tn was wiped off the value of the biggest US tech companies this week before a partial rebound, with headlong growth stalling because of the slowing global economy and mounting cost pressures. The stock market losses accelerated late on Thursday after Amazon shocked Wall Street with a weak revenue forecast for its all-important fourth quarter of the year, when holiday shopping normally buoys its revenues. The news extended a surprisingly weak earnings season from the huge US digital groups, ending a surge in growth during the coronavirus pandemic and putting paid to hopes that they would withstand the inflation and weakening growth that are hitting the wider economy.
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