Wall St – Wall street started the week 20% below its January 3 closing record, narrowly missing the common definition of a bear market. The continued sell off has seen the S&P 500 reach is seventh weekly decline, the longest losing streak since the dotcom bubble burst more than two decades ago.
Social Media – Social media stocks have plummeted this week, whipping US$165 billion of value away. The fall comes off the back of a profit warning from Snapchat. Snaps share price fell as much as 40%, with peers such as Meta, Alphabet, Twitter and Pintrest all losing significant value.
BetaShares – BetaShares are set to launch two new exchange traded funds, tracking solar energy and uranium companies respectively. The announcement comes just days after rival ETF provider, VanEck announced it would launce a carbon credits ETF.
Iron Ore – Strategists are tipping for Australias number one export, Iron Ore, to rebound in the second half of the year. Evidence suggests an undersupplied market and increasing support dragging the Chinese construction sector out of its slump.
Zoom – Zoom has had a horror run since its 2020 pandemic peak, losing almost 85% of its value ($189 billion), but many analysts say the sell-off has gone too far. Still showing growth in its key metrics and the flexibility many companies offer employees to work from home now bode well for the video communications company.
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