Tech companies continue to hit the breaks on hiring against the backdrop of a declining stock market and recession fears.
The S&P 500 index has been pushed into bear-market territory and now trades down roughly 21% year to date. U.S. gross domestic product (GDP) unexpectedly fell 1.6% in this year's first quarter, and recently released data modeling from the Atlanta Federal Reserve estimates that the country's GDP contracted 1% in the recently completed second quarter. If so, that means the economy will have notched two consecutive quarters in decline and likely have entered a recession.
Warren Buffett has had some good news and bad news so far this year. First, the bad news: Shares of Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) are down around 9% year to date. The good news, though, is that Berkshire is handily outperforming the major market indexes.