Wall Street Today | Big Tech Loses Sway as S&P 500 Becomes More Exxon, Less Amazon

Inflation is unwinding, Wood said. If her deduction is true, the economy could be heading back to the future with the "Roaring Twenties," the last time several general-purpose technologies, namely the telephone, electricity, and the internal combustion engine, evolved at the same time, she said, adding the setup is remarkably similar.
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$Apple(AAPL.US)$ , $Microsoft(MSFT.US)$, $Amazon(AMZN.US)$, $Alphabet-A(GOOGL.US)$ and $Meta Platforms(META.US)$ have lost more than $3 trillion in market value this year as slowing revenue growth and rising interest rates battered valuations. That’s cut their weighting in the $S&P 500 Index(.SPX.US)$ to about 19% from a record of more than 24% in September 2020.

As the tech sector's sway diminishes, more traditional sectors such as energy and banking are accounting for a greater share of the S&P 500, with companies like $Exxon Mobil(XOM.US)$ and $Wells Fargo & Co(WFC.US)$ benefiting from high oil prices or rising interest rates.

A large number of $Twitter (Delisted)(TWTR.US)$'s contract workers discovered they were suddenly terminated this weekend after they lost access to Slack and other work systems, according to internal communications shared with CNBC by full-time Twitter employees. Some of Twitter's contract workers were based overseas in India, among other locations. Full-time employees said that they had no internal notice before contractors they were collaborating with were let go.

Zuckerberg said he handled the layoff situation at his organization better than Musk. At a company town hall meeting on Friday, he said Musk needed more time to plan the layoffs as thoughtfully as Meta and other companies did. However, Zuckerberg acknowledged there are no good answers even if companies approach layoffs thoughtfully. $Meta Platforms(META.US)$
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$Disney(DIS.US)$ Chief Executive Bob Chapek announced Friday company-wide cost-cutting measures and told division leaders that layoffs are likely, according to an internal memo viewed by the WSJ. The austerity measures, which include a ban on all but essential work travel and a freeze on new hires for all but a few critical positions.
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$Intel(INTC.US)$ CEO Pat Gelsinger recently has been buying up shares of the chip giant that he helms, but he has spent far more for shares of recently spun-off Mobileye, which is developing autonomous driving technologies. Gelsinger paid $2.5 million on Oct. 28 for 120,000 $Mobileye Global(MBLY.US)$ shares at the IPO price of $21 each, according to a filing with the SEC.
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$Sea(SE.US)$ is now dealing with an economic slowdown and surging inflation, as well as intensifying competition and a broader tech selloff. The gaming and e-commerce giant has slashed jobs, shuttered operations in some European and Latin American markets and reduced expenses.