Traders have taken a cautious stance on technology stocks as they reevaluate their risk allocations in response to a surge in Treasury yields. The evaluation of future earnings heavily relies on the “risk-free” rate of return on Treasury bonds, which has recently reached multiyear highs.
Google’s Parent Company Settles Antitrust Litigation
Alphabet, the parent company of Google, has reached a preliminary settlement with a coalition of states to resolve an antitrust lawsuit accusing the tech giant of monopolistic practices through its Google Play app store.
Elon Musk Secures $1 Billion Loan from SpaceX
Elon Musk, CEO of SpaceX, has obtained a $1 billion loan from the rocket-making company while simultaneously acquiring the social media firm formerly known as Twitter.
Cybersecurity Company IronNet Faces Financial Struggles
IronNet, a cybersecurity firm founded by former National Security Agency officials, has announced in a regulatory filing that it will furlough most of its employees and explore potential options, including bankruptcy.
WeWork Seeks to Renegotiate Global Leases
WeWork, the co-working space provider that expressed doubts about its ability to sustain operations, has stated its intention to renegotiate all of its leases worldwide.
Apple Shares Plunge Amid Chinese Restrictions
Following China’s directive for central government agencies to refrain from using iPhones and other foreign-branded devices for work purposes, Apple shares have faced a significant downturn.