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A Big Tech Selloff and Crypto Heist to Start the Day. Next Week Brings Apple Earnings and Midterms. — Barrons.com
Amazon and Intel earnings fell short of high expectations, sparking a big tech selloff in premarket trading. Alphabet lost almost half a trillion in market value in its worst single-day decline. A $6.3 billion crypto heist hit Binance, and Bitcoin fell.
Published:
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What happened
Amazon and Intel earnings fell short of high expectations, sparking a big tech selloff in premarket trading. Alphabet lost almost half a trillion in market value in its worst single-day decline. A $6.3 billion crypto heist hit Binance, and Bitcoin fell.
Confirmed
Global impact / market context
Falling share prices can make it harder and costlier for companies to raise money by selling stock, which may slow hiring and capital spending. Lower crypto prices can also reduce trading revenue at exchanges like Coinbase and Circle.
Analyst inference
Investors are favoring oil producers like ExxonMobil and Chevron as higher oil and gas prices from conflicts in Europe and the Middle East lift profits. Meanwhile, many tech stocks are falling because recent earnings missed demanding expectations, so money is shifting toward energy.
Analyst inference
What to watch
- Apple reports earnings on Monday, and AMD, Palantir and Pfizer report later in the week, which will show whether tech results keep pressuring share prices. Confirmed
- The midterm elections take place next week, and the results could change which laws and regulations pass, affecting taxes, energy rules and crypto oversight. Confirmed
- Watch whether Bitcoin and crypto-linked stocks like Coinbase and Circle keep falling after the $6.3 billion Binance heist, since sustained drops could cut trading activity and revenue. Analyst inference
Affected assets
- BTC — Bitcoin
Evidence
- Original source link unavailable