Market Update: Gains, Tesla, Micron, Microsoft, FTX, CORZ | Dec 22

By Duncan Ferris


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In Thursday's market update we look at EV giant Tesla, job cuts at Micron Technology, a spanner in the works for Microsoft and the latest updates for FTX.

On Wednesday, we saw some positive movement in the markets. The DOW gained 1.6%, the S&P 500 rose by 1.49%, the Nasdaq Composite jumped by 1.54%, and the Russell 2000 also saw a 1.65% increase. (How to buy NASDAQ stocks)

Tesla (NASDAQ: TSLA) made headlines by announcing discounts on its Model 3 and Model Y electric vehicles in the US. This move comes as the company faces concerns about slowing demand and EV tax incentives.

US chipmaker Micron Technology (NASDAQ: MU) announced plans to reduce its workforce by around 10% as part of cost-cutting measures following projections of a rapid drop in sales.

Microsoft's (NASDAQ: MSFT) attempt to acquire Activision Blizzard (NASDAQ: ATVI) is facing legal challenges from gamers who claim the deal would create an industry monopoly. The $69bn deal is also being scrutinized by antitrust regulators.

On a brighter note, consumer sentiment data was better than expected, reaching an eight-month high of 108.3.

In other developments, the co-founder of crypto exchange FTX, Sam Bankman-Fried, has arrived in the US to face criminal charges related to the exchange's operations and collapse. Two of Bankman-Fried's former associates have already pleaded guilty to fraud charges and are cooperating with prosecutors.

Finally, US Bitcoin miner Core Scientific (NASDAQ: CORZ) has filed for bankruptcy, with the company's shares having lost over 99% of their value in 2022.

Dig a little deeper into the market update: 

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In this article:

Electric Vehicles
Semiconductors and Semiconductor Equipment
Consumer Discretionary
Information Technology
Micron Technology
Activision Blizzard

Author: Duncan Ferris

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Duncan Ferris does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Duncan Ferris has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of, has not been paid for the production of this piece by the company or companies mentioned above.

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