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Tech stocks rally following the Fed's 75 basis point hike, hiring slowdowns continue

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Yahoo Finance tech editor Dan Howley looks at how tech stocks are reacting to the Fed's latest interest rate hike announcement, in addition to the hiring slowdowns and freezes seen in the sector.

Video Transcript

- The beaten-up tech sector leading the markets bounce as we head into the final minutes of trading. Names like Netflix among the leaders today. Amazon, Tesla all up big.

DAN HOWLEY: Dan Howley here on set for us. And, Dan, I think there was lots of question going into this when we see the Fed get more aggressive, what that means for tech, lots of worry that they would actually retreat. But we're seeing the exact opposite today.

DAN HOWLEY: No. Yeah. And, yeah, like the rest of the market, it seems like everything's popping at this point. Though it's still worth pointing out a lot of these big name tech stocks are still hovering around their 52-week lows. You have DocuSign actually-- sorry, Google, actually, kind of pulling away from that at this point. A lot of them seem to be boosted. We've seen news in recent days and weeks that some of these companies are slowing hiring. That's been good for the stock price to a degree.

Obviously, Apple getting that boost here. I think it's really going to remain to be seen where this all goes and what it ends up meaning for people. Just because we have companies like Tesla who said they're going to have layoffs, Intel slowing their hiring, Redfin, Compnass, layoff, layoff, Coinbase, layoff. And then we have the big tech companies. We have Alphabet. Not a word about layoffs from them yet or slowing. But Microsoft slowing. Amazon slowing. Nvidia sort of slowing. Finishing onboarding the tons of people that they said they originally had is what we kind of got out of them.

And Meta-- under officially Meta now talking about pulling back on some of their spending overall. And that's from last quarter. But we'll have to see obviously what comes tomorrow when all of this is kind of fully digested. But I think for the big tech companies that are out there right now and the smaller tech companies that we saw really explode during the pandemic, it's still going to be a rough ride for them going forward.

- And Spotify was another name today where we got some news that they were going to be slowing hiring by just about 25%. And taking a look at the reaction in the stock today, shares are up just about 7%.

DAN HOWLEY: Yeah. It's interesting. They're not freezing hiring. They're slowing.

- They're not layoffs. Yeah.

DAN HOWLEY: It's a weird kind of way to put it. But, obviously, it's helping them to a degree today.

- All right. Dan Howley, thanks so much.