Overview

The stock market faced a downturn, with the Nasdaq Composite falling 2.1%, the Dow entering correction territory, and the S&P 500 marking its longest losing streak in 2022. Oil prices surged past $100 per barrel amid escalating tensions in Iran, fueling inflation concerns. Tech giants, including Nvidia and Tesla, saw sharp declines, with the "Magnificent Seven" stocks losing $330 billion in market value. Rising bond yields and fears of prolonged interest rate hikes further weighed on investor sentiment.

Major indices including the Dow, S&P 500, and Nasdaq rose on Wednesday amid cautious optimism fueled by reports of a 15-point US-Iran peace proposal. Oil prices fell below $100 per barrel, providing relief to inflation concerns. Semiconductor stocks gained momentum with news of CPU price hikes, while gold futures rebounded as investors eyed potential easing of Middle East tensions.

A Los Angeles jury found Meta and Google liable for $3 million in damages in a landmark social media addiction case. The case revolved around a 20-year-old woman who claimed Instagram and YouTube's addictive designs caused her mental health issues. Meta was held 70% responsible, with Google accountable for 30%. Both companies plan to appeal the verdict, which could influence thousands of similar lawsuits. This decision highlights growing scrutiny on tech giants over platform designs and their impact on youth mental health.

ABC journalists initiated a 24-hour strike, their first in 20 years, over pay, working conditions, and the potential use of AI in newsrooms. The strike disrupted live programming, with reruns and BBC content filling gaps. Staff rejected a 10% pay rise offer, citing inflation and job security issues. The strike highlights concerns over short-term contracts and AI's impact on journalism integrity. Union leaders call for fair wages and secure work to support public broadcasting’s role in Australian society.