Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation
Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.
Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.
Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.
Amazon saw similar results falling by 35 per cent the most in over 20 years.
