After years of screaming higher, almost regardless of what the economy was doing, tech-oriented stocks are tanking and dragging down the rest of Wall Street. Many of these high-profile companies still make billions of dollars in profits, and they continue to dominate the top of the rankings for most valuable businesses. But two big changes have caused their stocks to come sharply back to Earth in 2022: Interest rates are rising, and expectations for continued fast growth suddenly look much more shaky. — AP
SAN FRANCISCO: Tech giants that saw good times during the pandemic are dealing with a “hangover” compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.
Amazon, Apple, Meta and Google-parent Alphabet released figures for the first quarter of this year that showed they are not impervious to turbulence roiling global markets.
