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Wall Street Braces as Tech Rout Deepens

US markets looked set for another turbulent session as futures for the S&P 500 and Nasdaq pointed lower, signaling continued pressure on the tech sector. A wave of selling has swept through major technology names this week, and Thursday’s pre‑market action suggested the downturn isn’t over yet. Alphabet remained a major drag after its sharp slide, with investors reacting to concerns about rising AI‑related spending and the uncertain payoff timeline. The pullback has added to broader anxiety across the sector, where valuations have been tested by shifting expectations around growth and profitability. Amazon now sits in the spotlight as traders await its upcoming earnings report. With sentiment already fragile, the company’s results could either steady the market or accelerate the sell‑off, depending on how its cloud and retail segments perform. Commodities also reflected the risk‑off mood. Silver prices tumbled, extending a recent decline and underscoring the cautious tone acros...
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Global Technology Outage Causes Major Disruptions Worldwide

 


A widespread technology outage on July 19, 2024, has caused significant disruptions across various sectors globally. The outage, primarily affecting Microsoft services, grounded flights, knocked banks and hospital systems offline, and took media outlets off the air.

The issue, which was not a result of a cyberattack, stemmed from a faulty update deployed by cybersecurity firm CrowdStrike. This update affected computers running Microsoft Windows, leading to cascading problems in airline communications, banking systems, and media broadcasting.

Airlines in the U.S., Europe, and Asia experienced severe delays as they lost access to check-in and booking services. Banks in South Africa and New Zealand reported outages in their payment systems, while hospitals and doctor’s offices faced challenges with appointment systems. Media outlets in Australia were pushed off air for hours.

Microsoft has been working to reroute impacted traffic to alternate systems to alleviate the issue and has observed a positive trend in service availability. However, the disruptions have highlighted the global dependence on a few key technology providers and the potential vulnerabilities in such a centralized system.

This incident underscores the critical need for robust contingency plans and diversified technology solutions to mitigate the impact of such widespread outages in the future.


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