FEAR & GREED | Business News Magnificent 7 tech stocks stumble, inflation hits target, White returns as king of Wisetech
Feb 26, 2025
The tech sector faces turbulence as the Magnificent Seven, especially Tesla, sees significant drops. Inflation is stabilizing, sparking optimism for rate cuts. Retail giant Woolworths struggles with disappointing earnings, while Westfield revamps malls into residential hubs. WiseTech's founder returns amid governance questions, and the energy sector navigates challenges influenced by political policies. Plus, the travel industry grapples with financial strains. A deep dive into cryptocurrency hints at shifting consumer attitudes, adding an intriguing twist!
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Tech Stock Slump
- The magnificent seven tech stocks, which drove Wall Street's surge, are now in correction territory, losing over $2.5 trillion in value.
- Tesla's share price has dropped 37%, falling below $1 trillion in market value after European sales slumped.
Reasons for Tech Slump
- Several factors contribute to the tech slump, including Trump 2.0's focus on tariffs and middle America.
- Competition from companies like China's DeepSeek and high valuations also play a role.
Crypto Decline
- Bitcoin and other cryptocurrencies have fallen significantly, with Bitcoin down about 20% since Trump's inauguration.
- The president's stance against allies and inflation fears contribute to crypto's decline.