Tech Sector Slumps Despite Flat Friday – Daily Financial News Summary For Friday, July 17, 2020
A pretty flat Friday in the markets as we head into the weekend. The Dow Jones slipped 0.2%, the Nasdaq was up 0.3%, and the S&P 500 also saw 0.3% gains. The Nasdaq was the only major market to close in the red this week.
Tech stocks remained skittish on Friday following a missed earnings report by Netflix Thursday evening, they fell 6.5%. Amazon had its first down week in 11 weeks, with a 1.2% slide on Friday, while Microsoft pulled back 0.5% and Apple was 0.2% in the red.
Twitter stock rebounded on Friday to a share price of $35.81, up 1.5% on the day. This is following the Twitter/Bitcoin hack that took over the accounts of prominent figures like former President Barack Obama, Bill Gates, Kanye West, Elon Musk, and others.
U.S Housing Market Contraction Amidst Economic Uncertainty
The housing market is heating up after starting the year on a roll. The COVID-19 pandemic has taken a toll on various sectors of the economy, with the housing industry not spared a bit. Uncertainty is the theme that continues to take a toll on the once burgeoning segment of the U.S economy.
https://callputstrike.com/2020/07/17/u-s-housing-market-contraction-amidst-economic-uncertainty/
Twitter Security Practices Under Scrutiny After Bitcoin Giveaway Hack
Twitter’s vulnerability was yet gain laid bare as a number of high profile twitter account fell in the hands of hackers who ended up propagating a Bitcoin giveaway scam. While most people are increasingly blaming Bitcoin, the social networking giant also has some blame to bear given the way the hackers were able to access the high-profile Twitter accounts.
The incident started with the hackers targeting Twitter employees conversely gaining access to the networking site through an admin tool. With the access, the hackers targeted Twitter accounts of the likes of Uber, Apple, Bill Gates, Barack Obama, and Elon Musk, among others.
