Try putting it in rice… Shares of Google, Amazon, Microsoft, and Meta have plunged this year (even more than the broader market) as advertisers cut spending and high interest rates depress valuations. Last week, Microsoft cut 1K employees, adding to the 44K+ tech workers laid off in the US this year. Apple reportedly halted some iPhone 14 Plus production in China as demand cools, while Google’s forecast to have its slowest revenue growth in years. With rates on the rise, analysts aren’t expecting stellar results when techies report this week.
Still fizzy… Some snacks never seem to go out of style: grocery staples like Coca-Cola, Kraft Heinz, and Campbell Soup have outperformed the market this year as shoppers keep stocking faves like Kraft mac, eating the price hikes. This month snack giant Pepsi raised its annual forecast, betting on continued Cheetos demand through an economic downturn (consumer goods have historically been resilient during recessions). Still, shoppers are starting to swap name brands for cheaper store brands. We’ll see whether that shows when Coke and Kraft report.