Stock Market Winners & Losers: Fall Led by Tech Decline | TikTok Vs Uncle Sam is Happening | Summer Box Office Bust?
Stocks experienced a decline, primarily led by tech companies facing pressure. Uber shares dropped over 7.5% due to weaker-than-expected bookings, while Tesla shares dipped 2% amid reports of a probe into potential wire fraud related to its Autopilot systems. Additionally, Shopify saw a significant tumble of 19% after warning of a decrease in gross margin for the current quarter.
Meanwhile, TikTok initiated legal action against the US government over a law mandating its sale to a non-Chinese company to avoid a ban. The app argues that such a ban would deprive its 170 million US users of access to information and claims that selling to new owners would be commercially unviable without American users.
The summer box office is also facing challenges, with projections suggesting it could be the lowest-earning season in decades. This is attributed to the absence of a Marvel film to kick off the season, as well as Hollywood labor strikes disrupting production and resulting in a decrease in new film releases. Industry insiders anticipate a significant drop in box office revenue compared to previous years, with only one superhero film, "Deadpool and Wolverine," slated for release.
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