The country is facing an inflation crisis unprecedented since 1982. While the nation is eagerly awaiting the U.S. inflation data, here is how these tech and non-tech companies witnessed a boom amid the national crisis.
Wall Street Tech Rally
The Big Tech companies conducted a tech rally (tech companies would raise the future prices of securities and commodities to match declining trends) on Wednesday to battle inflation and the supply chain crisis. The rally was organized following the French President Emmanuel Macron’s announcement about the possible de-escalations in the Ukraine-Russia crisis.
Wall Street closed on a sharp high, Wednesday, but the 10-Year U.S. Treasury benchmark slipped due to the pause in increasing interest rates.
Asian and European markets, too, closed on a high following Wall Street. S&P 500 sectors, Meta platforms, Dow Jones, and NASDAQ composite indexes registered a record high post the pandemic, shortly after the tech rally.
Non-Tech Companies
Most toymakers recorded profits after families started investing in toys during the pandemic. Mattel’s earnings surpassed expectations in the latest quarter in comparison to its rivals. The profits are expected to be a result of acquiring a license to recreate Disney’s ‘Frozen’ stars. The toymaker is looking for innovative ways to dodge the ongoing supply chain crisis.
Disney’s earnings look bullish, too, following the recent increase in subscribers with the releases of “The Book of Boba Fett” and “The Beatles: Get Back”, and increasing revenue from establishments like Disneyland.