Dow Plunges as Tech Giants Take a Hit

The stock market took a beating on Monday, with the Dow Jones Industrial Average witnessing a significant downturn. The decline in technology stocks, including those of Salesforce and Microsoft, led to a sharp sell-off. These two companies, which are considered stalwarts of the tech sector, saw their shares plummet as investors became cautious about their future prospects. Salesforce, in particular, was hit hard after announcing its earnings report, which fell short of expectations. The company’s stock price dropped by over 10% during trading hours, wiping out billions of dollars in market value. Similarly, Microsoft faced pressure on the Nasdaq Composite, as investors grew concerned about the company’s reliance on a few big customers. However, not all tech stocks were affected equally. Taiwan Semiconductor Manufacturing Company (TSMC), a leading chipmaker, bucked the trend and scored a breakout, rising by over 8% in morning trading. This unexpected move lifted the Nasdaq Composite, which rose 40 points to close at 13,500. Analysts attributed TSMC’s surge to its strong earnings report, which saw the company beat expectations and raise its revenue guidance. The stock’s price appreciation was seen as a sign of investor confidence in the chipmaker’s ability to navigate the challenges posed by the ongoing global semiconductor shortage. The overall impact of Monday’s market fluctuations remains to be seen, but one thing is certain – the tech sector will continue to be under close scrutiny in the coming weeks.