Media & Tech Stocks Drubbed, Nasdaq Sees Worst Session In Two Years As Markets Fall
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deadline.comMedia stocks joined tech in a downward spiral today as hopes of lower interest rates that have kept them relatively buoyant compared to tech seemed to give way to a broader malaise.
Investors have been rotating out of tech and into more value and interest-rate sensitive stocks since the last Fed meeting when chief Jerome Powell indicated lower rates are coming soon.
Alphabet’s overalltepid earnings yesterday after market close didn’t help, exacerbating a rout today. The Google parent fell 5%.
Tesla stock tumbled today after its quarterly earnings plunged and was one of the market’s biggest losers, falling more than 12%.
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