Technology stocks are one factor driving Dow Jones Industrials down to the largest intra-day point drop in history. Tom's Guide Editor-In-Chief Mark Spoonauer explains the factors he sees contributing to this volatility.
"All day its really felt like a roller coaster," says Spoonauer. Apple closed on Monday down 2.5 percent.
Apple was one percent off in terms of iPhone sales in its latest earnings report. Spoonauer explains when looking at the average sale price it told the story there were more people than maybe some of the doubters thought were interested in the iPhone X.
The global semiconductor shortage is actively hurting numerous industries, with the auto industry itself on pace to lose $210 billion by the end of the year. Brad Wimmer, EVP at Auto Lenders, joined Cheddar to discuss a White House meeting surrounding chip shortages and how industries can find a way to move forward. He noted that the end of the shortage is unlikely if the U.S. continues to depend on outside manufacturers. "We need consistent momentum and clarity, and we do not have that right now," Wimmer said. "So, I think this is going to continue into 2023."
