Tech and banks push markets lower on rising yields
Technology shares led a broad market sell off as the S&P 500 dropped 1.8 percent and the Nasdaq fell 2.6 percent amid rising Treasury yields and bets the Fed will raise rates in March. The Dow fell 1.5 percent while the Russell 2000 slid 3.1 percent. Banks and tech giants weighed as Goldman Sachs JPMorgan and Wells Fargo reported softer profits and higher costs.
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Microsoft to buy Activision Blizzard in record 68.7 billion deal
Microsoft agrees to an all cash 68.7 billion purchase of Activision Blizzard to boost Xbox Game Pass and metaverse ambitions. The move puts Microsoft among the top three video game firms by revenue, faces antitrust scrutiny, and follows prior large bets on ZeniMax Mojang and Minecraft.
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Judge signs plan to end Puerto Rico bankruptcy fight
A federal judge approved Puerto Rico restructuring that cuts the public debt 80 percent, reduces claims from 33 billion to about 7.4 billion, and allows debt payments through 2034 while avoiding pension cuts amid ongoing recovery challenges. The plan marks the largest municipal debt restructuring in U.S. history and was welcomed by the federal control board and officials.
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