Interest Rate Jitters Sink the Heavyweights of Tech
Summary
The high-flying FANG+ Index — which comprises the largest tech stocks by market capitalization, including Apple, Nvidia, Tesla and Meta — fell into correction territory on Thursday. The Wall Street Journal’s report that SpaceX, Elon Musk’s rocket company, wrote down the value of its Bitcoin stake over the past two years and sold some of it hasn’t improved sentiment around the highly volatile asset class. The Hang Seng Index in Hong Kong fell into a bear market on Friday as investors pulled back on Chinese stocks with the economy slowing and a property-market crisis brewing. The United Steelworkers supported Cleveland-Cliffs’ bid, but manufacturers worry that more consolidation would give steel makers outsized power to raise prices and squeeze customers. The Biden administration has offered billions of dollars in subsidies to spur EV manufacturing, and the energy transition is a crucial aspect of the Inflation Reduction Act.
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