Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co.
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Summary:
- Trade Desk losing value as investors await earnings announcement.
- Russian Ruble price increase.
- Ford Motor Co latest big buyer.
Investors selling Trade Desk
Trade desk is the largest pure-play ad tech company, their stock price has been falling throughout the trading day on Tuesday. Trade Desk is due to make their earnings announcement after market closing today, most other tech giants delivered poor earnings results for the first quarter of 2022. Therefore, investor sentiment in this industry is bearish and it is unsurprising that investors are going short on Trade Desk stock inlight of the expected announcement.
Trade Desk Price Chart
The Russian Ruble Strengthens
Although the Russian Ruble has strengthened, it does not mean that Russia is experiencing economic growth, instead it may be an indication that Russia is experiencing an import crisis.
Since Russia invaded Ukraine, Russian imports have fallen drastically as many countries and companies who previously imported from Russia have cut their ties to avoid backlash from the west. However, although the sanctions on Russia have been imposed, they are still exporting to many countries. This is causing the Russian current account to be in Surplus, putting upward pressure on the Ruble.
As the Western countries impose more sanctions on Russia and possibly speed up the oil Embargo, the Rubles value will struggle.
Ford Motor Co. Share Price increased
Ford stock price increased by 1.5% during in pre-market trading day on Tuesday after United Rentals (automaker and equipment rental company) announced plans to purchase electric vehicles from Ford going forward. This will drive up the demand for Ford cars going forward.
Sources: finance.yahoo.com, poundsterlinglive.com, fool.com
