Tech Shares Experience Sharp Decline as Rate Outlook is Reconsidered
The technology sector sees a significant repricing as investors reassess the rate outlook, causing a decline in tech share prices. However, Cisco Systems bucks the trend with expected revenue growth. Garbo announces the closure of its consumer tool,...
Troy D. Hanson
August 18, 2023
The technology sector, which had been performing exceptionally well this year, saw a significant repricing as investors reassessed the rate outlook. Mega cap tech companies like Apple and Microsoft, which had recorded impressive gains of over 30% so far this year, witnessed a decrease of more than 2% in their share prices.
Cisco Systems Bucks the Trend with Expected Revenue Growth
In contrast, networking giant Cisco Systems managed to defy expectations. Even though analysts were anticipating sluggish revenue growth in the coming year, Cisco's stock continued to rise during Thursday's trading.
Garbo, the Digital Safety Nonprofit, Announces Closure of Consumer Tool
Garbo, the digital-safety nonprofit that collaborated with Match Group dating apps for two years to introduce background checks, revealed its decision to shut down its consumer tool by the end of August.
SpaceX Reports Profitable First Quarter amidst Soaring Revenue
SpaceX announced a profitable first quarter, driven by rapidly rising revenue that reached an impressive $1.5 billion.
Bitcoin and other cryptocurrencies experienced substantial declines after weeks of stagnation. Traders sold off digital assets amid growing expectations that interest rates would remain elevated for a longer duration than previously anticipated.