The Daily Money: Tech stocks are having a rough time

Tech stocks were once an easy play for investors. Now they're losing money left and right. What gives? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Tuesday, November 8 Happy Election Day! If you haven't already, get out there and vote! I voted early on Sunday and was pleased with how smoothly it went. Except for one thing: The polling site I went to ran out of "I voted" stickers. So if you've got one, make sure to wear it proudly for me.  Speaking of voting, did you know if you live in these 24 states and Washington, D.C., you could get paid time off to vote? In some of the states that require employers to offer paid time off to vote, employees have to give advanced notice and/or provide proof that they used the time to vote.  What's going on with tech stocks?  Apple, Microsoft, Amazon, Tesla and Google's parent company, Alphabet, not too long ago were money-making machines for investors. But these companies lost a combined $3.4 trillion so far this year, according to recent findings from market analysis firm Finbold.  Finbold found that Apple has the highest market capitalization of all tech stocks despite falling 18% this year, as of Nov. 3. Tech stocks are getting slammed by the Fed's interest rate hikes since they tend to rely on outside funding. It, of course, doesn't help that a recession could be around the corner leading consumers to put off discretionary purchases like a new iPhone.  📰 More stories you shouldn't miss 📰 MIT report: Twitter lost more than 1.3 million users after Elon Musk bought it The power of journalism: Good Samaritan pays off predatory loan debt of Arizona man featured in USA TODAY More bang for your buck?Here's why private Medicare plans are set to pass traditional Medicare enrollment About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here Market capitalization of 5 largest US companies plummets 34% in 2022 Valuations for Apple, Microsoft, Amazon, Tesla and Alphabet have lost a combined $3.4 trillion this year, according to market analysis firm Finbold. Automakers in Detroit, beyond are cringing at deleted Elon Musk tweets Businesses don't want to be woke. They want to survive. | Opinion Is Election Day a federal holiday? Will banks, stores be open? What... Low diesel stocks could buoy inflation until recession hits, some say How do I maintain a solid work-life balance while working remotely?... Sneaky car rental fees and how to avoid them Twitter updates: Celeb suspensions, blue check changes and more A looming reckoning: Too many US homes in risky locations Should you change jobs or even careers? Here is your litmus test.   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102