Tech giants have suffered on Wall Street overnight, as both the electric vehicle sector and software companies feel the pinch.
Adobe shares fell 6.6 per cent, despite (or perhaps, because of) yesterday’s announcement that the company will launch a freemium version of its Creative Cloud suite, in a bid to arrest the rise of Canva.
Microsoft shares fell 3.3 per cent, while Apple suffered a modest 0.8 per cent drop.
Tesla shares also fell 0.8 per cent, a result of CEO Elon Musk selling A$1.28 billion in shares, and indicating the company will experiment with accepting DogeCoin as payment.
Ford shares also dropped 1.9 per cent, due to Toyota’s announcement that it will pour close to A$50 billion into the electric vehicles market by 2030.