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tech stocks recover from sell-off

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tech stocks recover from sell-off

Apple briefly broke through a $5 trillion stock market valuation on Tuesday, joining Nvidia as one of only two public companies in history to reach the threshold, as big technology stocks recovered from a sell-off over fears about overspending on artificial intelligence and growing competition from China.

Shares in the iPhone maker closed up $3.17, or 0.9 per cent, at $340.08, giving a market capitalisation of $4.99 trillion. Nvidia came back from Monday’s 5 per cent drop with a gain of $0.82, or 0.4 per cent, to $197.33 and a value of $4.77 trillion.

The fall in Nvidia’s stock had spooked investors in the Asia Pacific. South Korea’s Kospi index dropped more than 10 per cent to a three-month low on Tuesday, with the chipmakers SK Hynix and Samsung among the biggest losers.

The decline triggered a “circuit breaker” as the Kospi headed for its largest monthly loss on record, surpassing the declines suffered during the Asian financial crisis in 1997.

Jing Jie Yu, an equity analyst at Morningstar, said: “We believe the market was likely spooked by the progress of China’s chipmaking equipment capabilities, and was worried that this progress would threaten the competitive position of global chipmaking and chip equipment leaders.”

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He added that the sell-off was “largely a knee-jerk reaction and overdone”, and that the dominant position of global chipmaking leaders is unlikely to be threatened meaningfully.

On Wall Street, after a negative start to the session, some of the Big Tech stocks recovered. Microsoft, which reports quarterly earnings on Wednesday, closed up $5.16, or 1.3 per cent, at $394.26.

Another beneficiary was Elon Musk’s SpaceX, with the shares up $2.91, or 2.6 per cent, at $116.41, though still below the flotation price of $135.

Not all technology stocks fared so well. The chipmaker Sandisk was down 12.5 per cent and Micron Technology shed 8.9 per cent, in a session that underlined how far the moves have varied between companies exposed to the same AI investment cycle.

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The tech-heavy Nasdaq composite closed marginally lower, down 0.2 per cent at 24,876.91, for a fifth consecutive trading day of falls. The more broadly based S&P 500 rose 0.2 per cent to 7,428.78.

The divergence between the two indices leaves the concentration of the US market in a small number of technology names, a pattern that has drawn caution from UK fund investors, unresolved.

Apple’s move above $5 trillion was not sustained into the close, leaving Nvidia as the only company to have finished a session above the level.


Jamie Young

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies

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Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies
Oil prices rose by more than $2 a barrel in early trade on Wednesday on shrinking U.S. crude inventories, recouping some of the previous session’s losses caused by a pause in fighting between Washington and Tehran.

Brent futures increased by $2.71, or 3.2%, to $86.80 a barrel at 0002 GMT, while U.S. West Texas Intermediate (WTI) ‌crude rose $2.26, ⁠or 3.4%, ⁠to $81.95.

U.S. crude inventories fell by about 3.3 million barrels in the week ended July 24 ,market sources said on Tuesday, citing data from the American Petroleum Institute.

Gasoline inventories, meanwhile, grew by 918,000 barrels, while distillate inventories climbed 355,000 barrels compared with a week earlier, the sources said.

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Official inventory data from the Energy Information Administration is due later on Wednesday.


Further supporting prices, OPEC+ will ⁠likely halt ‌oil output increases for three months starting in October, sources told Reuters, after the producer group completes the scheduled return of ⁠barrels following voluntary cuts.
Oil prices have whipsawed on the U.S.-Israeli war in Iran, which has disrupted global flows of crude oil, particularly with the effective closure of the Strait of Hormuz. Prices plunged by about 5% on Tuesday to a two-week low on hopes that efforts to end the U.S.-Iran conflict would resume in earnest after a pause in hostilities.

U.S. President Donald Trump, who called off a two-week ‌U.S. bombing campaign over the weekend, told .Fox News on Tuesday that there were “good talks” with Iran, but threatened more strikes if negotiations break down. Iran, however, has ⁠denied that it is seeking to resume talks with the U.S.

Meanwhile, a Gulf source and a Western diplomat told Reuters that Oman has presented Iran with a plan to manage the strait, which would include collecting voluntary fees for using the passageway.

The proposals, backed by Gulf states, aim to serve as a basis to end the disruption to trade through the strait caused by the war.

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Council limits fence height for Goyders’ $17m Peppermint Grove house

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Council limits fence height for Goyders’ $17m Peppermint Grove house

Mining executive Tim Goyder’s plan to fence off his $17 million Peppermint Grove home has sparked a discussion on security at a western suburbs council.

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Costco $14M settlement: Washington shoppers may receive up to $500

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Costco Tillamook cheese bargain makes membership worthwhile for shoppers: report

Costco shoppers in Washington may be eligible to receive a cash payout after the retailer agreed to settle a class action lawsuit accusing the retailer of sending misleading promotional emails advertising limited-time offers.

The lawsuit alleges Costco violated Washington’s Commercial Electronic Mail Act (CEMA), which regulates commercial email marketing.  

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Under CEMA, recipients may recover up to $500 per qualifying email. However, the actual payout from the settlement is currently unknown and will depend on the number of valid claims submitted. 

While denying any wrongdoing, Costco agreed to pay $14 million to settle the lawsuit, Aaland v. Costco Wholesale Corp.

COSTCO HIT WITH LAWSUIT ALLEGING PROTEIN POWDER SOLD IN STORES CONTAINS ‘DANGEROUS’ LEVELS OF LEAD, ARSENIC

Costco

People arrive and depart at a Costco Wholesale store on June 13, 2026, in Bayonne, New Jersey.  (Gary Hershorn/Getty Images / Getty Images)

Washington residents whose email addresses are in Costco’s records and who received the promotional emails between June 2021 and July 2026 may be eligible to file a claim. 

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To receive a share of the settlement, eligible class members must submit a claim form by Aug. 24, 2026.

According to the lawsuit, Costco allegedly violated state law by sending commercial emails with deceptive subject lines that created a false sense of urgency by advertising limited-time offers that plaintiffs allege the retailer intended to extend beyond the advertised promotional period. 

Examples of the subject lines cited in the lawsuit include “Today is the last day to access Member-Only Savings” and “Hot Buys available for 5 Days Only.”

Costco shoppers in Vermont.

Customers look over food items at a Costco store in Colchester, Vermont, in August 2024. (Robert Nickelsberg/Getty Images / Getty Images)

COSTCO QUIETLY DISCONTINUES AWARD-WINNING KIRKLAND ITEM FANS CALL ‘ONE OF THE BEST’ IN THE MARKET

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The net proceeds of the $14 million settlement will be distributed equally among class members who submit valid claims after court-approved attorneys’ fees, litigation costs and service awards are deducted. The exact payout per person remains unknown because it will depend on the total number of approved claims. 

Each class member may submit only one claim form, regardless of how many qualifying promotional emails they received from Costco.

Ticker Security Last Change Change %
COST COSTCO WHOLESALE CORP. 966.58 +15.00 +1.58%

Individuals may also choose to opt out of the settlement to preserve their right to sue separately or object to its terms by Aug. 24. 

Those who take no action will receive no compensation and will be barred from pursuing future legal claims related to the allegations covered by the settlement.

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The court will decide whether to grant final approval to the settlement on Oct. 2, 2026, at 3:30 p.m. PT in Seattle. 

Costco customer receipt

Customer handing receipt to door checker employee at the exit, Costco megastore, Queens, New York. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)

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Payments may be issued by paper check, Venmo, PayPal or other electronic payment methods.

 

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Corning Incorporated (GLW) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript