Tech Stocks Slump as Nasdaq Posts Worst Drop Since 2020
Wall Street equities slid with the S&P 500 and Dow down sharply and the Nasdaq posting its steepest decline since September 2020. Big tech led losses as Microsoft Alphabet and Tesla tumbled while investors weigh inflation, Fed rate hikes, and earnings from companies including Boeing Caterpillar McDonald's and Amazon.
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Alphabet faces slower growth as profits dip in Q1
Alphabet reported Q1 revenue of 68 billion dollars, up 23 percent from a year earlier, marking its slowest growth since 2020. Profit fell 8 percent to 16.4 billion, with ad sales at 54.7 billion as Google digs into rising rates and war-driven inflation. The firm plans a stock buyback of up to 70 billion while Netflix moves to curb password sharing and test ads.
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Business Research Group
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Brainard confirmed as Fed vice chair amid inflation fight
The Senate confirms Lael Brainard for a four year term as vice chair of the Federal Reserve, in a 52-43 vote. Biden nominated Lisa Cook and Philip Jefferson to fill two vacancies on the Fed board as Jerome Powell awaits confirmation for a second term as chair. Brainard, a longtime Fed governor since 2014, is seen as a dove in the ongoing effort to curb inflation.
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