{"id":546097,"date":"2022-04-27T03:57:03","date_gmt":"2022-04-27T03:57:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/"},"modified":"2022-04-27T03:57:03","modified_gmt":"2022-04-27T03:57:03","slug":"wall-street-extends-a-bad-run-on-trouble-for-tech-stocks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/","title":{"rendered":"Wall Street extends a bad run on trouble for tech stocks"},"content":{"rendered":"

<\/a> Earnings season + Musk\u2019s Twitter bid drive Wall Street losses: <\/strong>US stocks extended their April losses yesterday on the back of falls in big tech firms and continued angst over inflation and heightened covid restriction in China, the Wall Street Journal<\/a> writes. Shares in Microsoft and Google owner Alphabet both dropped following the release of their 1Q earnings \u2014 but the biggest loser of the day was electric carmaker Tesla, which fell over 12%<\/a>to knock some USD 110 bn off the electric carmaker\u2019s valuation, the Financial Times<\/a> reported. The drop comes as investors fret that Tesla boss Elon Musk will need to sell a major stake in his firm to raise liquidity for his planned takeover<\/a> of Twitter in a USD 44 bn, all-cash transaction. The S&P 500 dropped 2.8%, while the tech-heavy Nasdaq lost around 4% to see its lowest close since late 2020.<\/p>\n

ALSO- <\/strong>HSBC income hit by Ukraine war, China property crunch: <\/strong>HSBC\u2019s pre-tax earnings fell 28% y-o-y in 1Q 2022 after reporting almost USD 650 mn in expected credit losses from exposure to Russia and China. The bank said further stock buybacks \u2014 after USD 3 bn in buybacks unveiled over the last two quarters \u2014 would be \u201cunlikely\u201d for the rest of the year. The story is getting wide pickup in the global financial press, including Bloomberg<\/a>. (Earnings release, pdf<\/a>)<\/p>\n

BREXIT, SHMEXIT- London was 2021\u2019s top city for foreign investment in finance: <\/strong>The UK capital attracted GBP 600 mn into 114 financial and professional services projects in 2021, according to a report published by the City of London Corporation, putting it ahead of Dubai and Singapore, which came in second and third place, respectively. (Report<\/a>)<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,682<\/p>\n<\/td>\n

\n

+1.3% (YTD: -10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.46<\/p>\n<\/td>\n

\n

Sell 18.55<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.47<\/p>\n<\/td>\n

\n

Sell 18.55<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

9.25% deposit<\/p>\n<\/td>\n

\n

10.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

13,503<\/p>\n<\/td>\n

\n

-0.3% (YTD: +19.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,041<\/p>\n<\/td>\n

\n

-0.0% (YTD: +18.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,666<\/p>\n<\/td>\n

\n

+0.3% (YTD: +14.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,175<\/p>\n<\/td>\n

\n

-2.8% (YTD: -12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,836<\/p>\n<\/td>\n

\n

+0.1% (YTD: +0.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,721<\/p>\n<\/td>\n

\n

-1.0% (YTD: -13.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 104.99<\/p>\n<\/td>\n

\n

+2.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 6.82<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,907.20<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 38,320<\/p>\n<\/td>\n

\n

-4.8% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 708 mn (22% below the 90-day average). Foreign investors were net buyers. The index is down 10.6% YTD.<\/p>\n

In the green: <\/strong>AMOC (+5.4%), EFG Hermes (+4.9%), and Abu Qir Fertilizers (+4.9%).<\/p>\n

In the red: <\/strong>Fawry (-6.8%), MM Group (-4.9%) and Cleopatra Hospital (-4.4%).<\/p>\n

Major Asian benchmarks are solidly in the red<\/strong> at dispatch time, with the Nikkei leading the decline (-1.8%), followed by Seoul\u2019s Kospi (-1.1%). European benchmarks and the TSX Composite are set to follow suit later today at the opening bell, while futures suggest Wall Street could buck the trend.<\/p>\n","protected":false},"excerpt":{"rendered":"

Earnings season + Musk\u2019s Twitter bid drive Wall Street losses: US stocks extended their April losses yesterday on the back of falls in big tech firms and continued angst over inflation and heightened covid restriction in China, the Wall Street Journal writes. Shares in Microsoft and Google owner Alphabet both dropped following the release of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[163,302,637,72,164,119,490,122,651,1010,112],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546097","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dubai","tag-earnings","tag-elon-musk","tag-enterpriseam","tag-equities","tag-financial-markets","tag-hsbc","tag-planet-finance","tag-tesla","tag-twitter","tag-uk","wpautop","entry"],"acf":{"mongo_id":"6845b134-63cc-492a-acc1-85ab35124754","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546077],"teaser":"","voice_url":""},"yoast_head":"\nWall Street extends a bad run on trouble for tech stocks - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street extends a bad run on trouble for tech stocks\" \/>\n<meta property=\"og:description\" content=\"Earnings season + Musk\u2019s Twitter bid drive Wall Street losses: US stocks extended their April losses yesterday on the back of falls in big tech firms and continued angst over inflation and heightened covid restriction in China, the Wall Street Journal writes. 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The buyout ordeal sunk Twitter\u2019s stock price, harming investors while strengthening Musk's negotiating\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546061,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/twitters-board-greenlights-musks-takeover-bid\/","url_meta":{"origin":546097,"position":1},"title":"Twitter\u2019s board greenlights Musk\u2019s takeover bid","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Looks like Elon Musk is buying Twitter after all: The Twitter board has okayed the Tesla boss\u2019 offer to fully acquire the social media platform in an all-cash, USD 44 bn transaction, according to a statement picked up by PR Newswire. Musk will buy the shares at USD 54.20 each\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577143,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/usd-100-oil-a-threat-to-global-economy-says-iea-head\/","url_meta":{"origin":546097,"position":2},"title":"USD 100 oil a threat to global economy, says IEA head","author":"enterpriseam admin","date":"10 November 2022","format":false,"excerpt":"Three-figure oil = bad news for the global economy, says IEA chief: Oil prices moving back towards USD 100 a barrel will put more pressure on the global economy, the head of the International Energy Agency, Fatih Birol, said yesterday, calling on OPEC+\u2019s to rethink last month\u2019s decision to cut\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554534,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/why-elon-musk-is-everyones-bnaire-of-the-year-investment-is-pouring-into-the-wrong-kind-of-climate-tech\/","url_meta":{"origin":546097,"position":3},"title":"Why Elon Musk is everyone\u2019s b\u2019naire of the year + investment is pouring into (the wrong kind of) climate tech","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"Elon Musk is sweeping the Person of the Year awards: The Financial Times namedTesla\u2019s Elon Musk its person of the year for 2021 today, just a few days after Time Magazine announced that Musk would be awarded the same accolade. While one person-of-the-year award could be a fluke, two suggests\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/642.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549044,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/","url_meta":{"origin":546097,"position":4},"title":"Rate fears have US stocks down for third day straight","author":"enterpriseam admin","date":"31 August 2022","format":false,"excerpt":"Wall Street indexes closed in the red for the third day running as markets continue to reel from the Federal Reserve\u2019s aggressive stance on interest rates. July\u2019s jobs report (pdf) \u2014 which showed an ever-tightening labor market \u2014 only added fuel to the fire, pushing the S&P 500 and the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550480,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/musk-takes-over-at-twitter-us-earnings-face-usd-10-bn-hole-in-3q-thanks-to-stronger-greenback\/","url_meta":{"origin":546097,"position":5},"title":"Musk takes over at Twitter + US earnings face USD 10 bn hole in 3Q thanks to stronger greenback","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"Musk is now officially chief twit: Elon Musk has closed his USD 44 bn acquisition of Twitter after a six-month saga that almost hashed out in court in a high-profile trial. Following the acquisition, Musk ousted Twitter\u2019s CEO and CFO, and sources told Reuters that he plans to become interim\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546097"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546097\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546077"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546097"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546097"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}