Big Tech’s Big Stumble
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 29 July 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Losses in big tech stocks as investors punish companies over earning reports. The Bank of England may vote to reduce interest rates this week. Fallout after a Hizbollah attack on the Golan Heights.
Mentioned in this podcast:
US markets suffer worst day since 2022 as Tesla and AI stocks fall
BoE rate decision hangs on a knife edge as divided policymakers prepare to meet
Hizbollah drone footage highlights Israeli security vulnerabilities
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. UK. Good morning from the Financial Times. Today is Monday, July 29th, and this is your |
| 0:18.5 | FT news briefing. Tensions are high ahead of a Bank of England announcement. |
| 0:24.0 | Israel prepares a counter-strike against Hezbollah, |
| 0:28.0 | and big tech stocks are taking a hit from investors. |
| 0:31.0 | If things don't look as rosy as they once were, maybe it's time to put the money |
| 0:35.0 | somewhere else. I'm Josh Gabor Duisand, and here's the news you need to start your day. Okay. U.S. investors are punishing companies more than usual when they miss the mark on earnings. We saw a sell-off last week in big tech stocks |
| 1:05.6 | that dragged down the market across the board. That included double-digit falls from |
| 1:10.1 | NVIDIA, Tesla, Meta, and Alphabet. |
| 1:13.6 | And along with the pivot away from big tech stocks, |
| 1:16.5 | investors are eyeing up smaller companies, |
| 1:18.9 | or small cap stocks. |
| 1:21.2 | Here to explain is the FTT. is Rob Armstrong. Hey, |
| 1:24.0 | Hey! Give us some context here. How big was the sell-off and these earning reports were they big enough to |
| 1:30.7 | warrant how investors responded here? |
| 1:33.6 | The picture is really quite varied. |
| 1:37.5 | So one stock that did terribly after its earnings was Tesla, and one has to say its earnings was Tesla. |
| 1:43.0 | And one has to say its earnings report was pretty dreary. |
| 1:47.0 | Revenue is extremely slow in the car business, |
| 1:51.0 | and Elon Musk and the other executives |
| 1:53.8 | are keen to talk about robot taxis and humanoid robots |
... |
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