It was another wild time on markets overnight as the Australian dollar tumbled down towards US$0.68c and US technology stocks sold off again amid fears about rising inflation and interest rates. The US stock market is now headed for its sixth straight weekly loss. It's a similar scenario for the Australian dollar, which was back up at US$0.75c as recently as last month.
The tech sell-down was focused on Apple last night, but it has only slumped 22% from its 12-month high. Compare that with Netflix, which is down 75%, and Amazon (44%) and Disney (45%).
Disney released its quarterly results overnight and while subscriber numbers to Disney+ have continued to rise, it missed both earnings and profits forecasts, sending the shares to a two-year low of US$104.37. This is hurting the Murdoch family’s wealth as they still have a majority of their falling fortune tied up in Disney shares.