Nasdaq Drops into Correction as Tech Stocks Decline

 

On August 2, the Nasdaq Composite dropped 2.4% due to disappointing tech earnings and fears of a slowing U.S. economy. Now 10% below its peak, it’s in correction territory. Despite this, it remains up 11.8% for the year.

Comments

Post a Comment

Popular posts from this blog

Intel to Lay Off 18,000 Workers and Cut $20 Billion in Costs

Image
Intel announced it will cut 18,000 jobs, which is over 15% of its workforce, as part of a plan to reduce expenses by $20 billion this year. This decision follows a $1.6 billion loss reported for the last quarter. Intel CEO Pat Gelsinger said their second-quarter results were disappointing despite reaching some key technology milestones. CFO David Zinsner noted that delays in AI product launches and unused facility capacity impacted their earnings. He added that cutting costs will help improve profits and strengthen Intel’s financial position. The layoffs could affect about 18,000 of Intel's 124,800 employees. Additionally, Intel is halting a major $15 billion factory project in Israel due to changing business conditions. This cost-cutting move comes after Intel had previously highlighted its new technologies in AI, aiming to compete with rivals like Nvidia, AMD, and Qualcomm. Gelsinger stressed that Intel’s latest processors are designed to drive major advancements in AI and comput...
Read more

Anshuman Gaekwad: A Cricketer Known for Courage Over Fame

Image
  Anshuman Gaekwad, also known as "Charlie" to his friends, was famous for his bravery in facing tough bowlers and for helping Indian cricket become more professional. Gaekwad was known for being both tough as a player and friendly as a person. He was one of the youngest captains in Indian cricket, but he never became the national captain. This was partly because he played in only 40 out of the 90 Tests India played during his career and partly because a younger player, Kapil Dev, took over the role. His father, Dattajirao Gaekwad, had led India on a tour of England in 1959. Even though he didn’t captain the team, Gaekwad’s knowledge of cricket was important. As a manager, selector, and BCCI council member, he had a gentle but influential voice in shaping Indian cricket. Gaekwad played a key role during two important times. When he first started, the Indian team was rebuilding after a poor tour of England and needed a strong batter. Gaekwad, opening the batting with Sunil Gav...
Read more