What a tough day left on Wall Street: AMD and META hit multi-year lows

What a tough day left on Wall Street: AMD and META hit multi-year lows

This happens in the context of The United States has announced that no company will be able to supply certain semiconductors to Chinese companies made anywhere in the world with American technology. The measures threaten to further deteriorate the strained relations between the two global giants and severely affect companies that see their market with the Asian giant shrink.

Meta, for its part, announced days ago that it would freeze hiring and continue to restructure itself in the context of an uncertain macroeconomic situation., as specified. Many tech companies have had to cut staff in recent months as advertisers cut spending in preparation for a looming recession.

“I was hoping the economy would stabilize more clearly now, but from what we’re seeing it doesn’t seem like it has happened yet, so we want to plan fairly conservatively.”Zuckerberg informed employees during a weekly question-and-answer session, Bloomberg News reported. The CEO also said that Meta will cut budgets on most teams.

for this part, The New York Stock Exchange ended sharply lower on Friday on the back of employment data that showed resilience in the labor market, data supporting the Federal Reserve’s course of action to raise interest rates to combat inflation. Thus, the Dow Jones lost 2.10% to 29,296.78 points, the Nasdaq Technology Index lost 3.80% to 10,652.40 points, and the S&P 500 expanded by 2.80% to 3679.65 units.

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