Uncertainty regarding the length and duration of the downturn have hung over the market like an anvil this year, with many investors afraid to buy the dip for fear of suffering further declines. Add to that the Federal Reserve Bank's relentless campaign of rising interest rates to combat persistent inflation, and it's no wonder that consumers and investors alike have shifted their behavior based on the tough macroeconomic conditions. Netflix (NASDAQ: NFLX) surged 9.2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) jumped 5.4%, honorary member Microsoft (NASDAQ: MSFT) climbed 5.8%, while Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) each rallied 4.5% by the time the market closed on Wednesday.
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Google has been hit with a £13.6bn lawsuit over claims the tech giant’s stranglehold on the online advertising market has deprived publishers of revenue.