Money

Wall St slump – worst month since start of pandemic

Published

4 years ago

April 27, 2022

Stocks have tumbled following a Wall Street technology sell-off, as fears grow over a slowing economy and U.S. interest rate hikes

EV maker Tesla recorded a drop of $126 billion on Tuesday, falling 12 percent over concerns Musk may sell his shares to help fund his Twitter takeover.

This was one of the worst drops in New York overnight.

Tesla’s market capitalisation is now down over $275 billion since April 4, when Musk first announced he has increased Twitter stake.

Stocks like Tesla are continuing to lose their appeal as investors worry about the impact of higher interest rates on future earnings.

Alphabet is also falling after reporting weaker-than-expected earnings and revenue for the first quarter of 2022, sliding around 5 percent in extended trading.

Experts believe the US Federal Reserve will increase interest rats by a half a percent during its following two meetings.

Related Topics:Politics Tech trending

Up Next

Twitter and Musk deal includes $1 billion termination fee

Don't Miss

‘I am against censorship’ – fears for Twitter’s new free speech era

William Howard

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.