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The Nasdaq 100’s technology stocks wrapped up their fourth consecutive week in the red, marking their most dismal stretch and sharpest declines since late 2022, as investors opted to pocket profits against a backdrop of mounting concerns over inflation and geopolitical tensions.
On Friday, Israel responded to Iranian attacks from the preceding week, adding another layer of uncertainty to the volatile situation in the Middle East despite widespread international calls for de-escalation.
On Wednesday, Fed Chair Jerome Powell firmly shut the door on rate cuts, citing lack of confidence in progress on inflation. This stance pushed two-year Treasury yields to 5%, their highest level since November 2023.
Gold prices notched their fifth consecutive week of gains, marking their longest streak since August 2020.
Gita Gopinath, International Monetary Fund deputy chief, has voiced concerns over the U.S. national debt, stressing the need to reduce the federal deficit, which equals 7% of GDP. Projections indicate the U.S. deficit will remain above 6% through 2029, pushing the debt-to-GDP ratio to 134%.
BlackRock Inc. (NYSE:BLK) and Coinbase Global Inc. (NASDAQ:COIN) have launched educational advertising campaigns to explain the Bitcoin (CRYPTO: BTC) halving process. This event, which halves the creation rate of new bitcoins, aims to reduce inflationary pressure and potentially boost Bitcoin prices.
Tesla Inc. (NASDAQ:TSLA) is recalling 3,878 Cybertruck vehicles due to a risk of unintended acceleration caused by a potentially dislodging accelerator pedal pad. The company, which has not reported any injuries or accidents from this issue, will replace the accelerator assemblies for free and has adjusted the production to include a new pedal design.
Lockheed Martin Corp. (NYSE:LMT) has been awarded a $17-billion contract by the U.S. Missile Defense Agency to develop the Next Generation Interceptor aimed at countering missile threats from North Korea and Iran. The contract is a part of a broader U.S. strategy to enhance missile defenses, with the NGI expected to be operational by 2028.
Tesla is reportedly laying off over 14,000 employees, which amounts to more than 10% of its global workforce. Elon Musk, in a companywide email, stated that this painful decision is necessary to reduce costs and eliminate redundancy in job functions.
Photo via Shutterstock.
