Breaking news

S&P 500 Falls 2%: Worst Day Of 2022 So Far As ‘Magnificent Seven’ Loses Nearly $800bn

by THEFUTURE.TEAM

July 25, 2024

It was a tough Wednesday for stocks, with two of the three major indexes heading for their worst days in more than a year after the latest round of corporate reports.

KEY FACTS

The benchmark S&P 500’s 2.3% drop was its biggest percentage loss since December 2022. The tech Nasdaq’s 3.6% drop marked its worst day since October 2022, while the Dow Jones Industrial Average, which tracks just 30 stocks, suffered a lighter loss of 1.3%.
The losses followed Tuesday afternoon earnings reports from three of the 15 most valuable U.S. companies — Google parent Tesla and credit card giant Visa — that disappointed the market.
Tesla’s 12% drop after reporting a 45% year-over-year profit decline was the biggest since January, Visa’s 4% drop after the company’s first quarterly revenue decline of 2020 delivered its biggest daily decline since May 2022 Alphabet’s 5% drop was its worst day since February.
The tepid response to Alphabet and Tesla, the first two of the “Magnificent Seven” to report second-quarter results, may bode particularly poorly for the broader market, given the septet’s huge contribution to overall earnings growth and higher marks.
Five of the other seven great stocks also fell sharply on Wednesday, with Amazon down 3%, Apple down 3%, Meta down 6%, Microsoft down 4% and Nvidia down 7%.

BIG NUMBER

770 billion dollars. The Magnificent Seven lost roughly that much market value on Wednesday, led by losses of more than $100 billion for Alphabet and Nvidia.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

KEY STORY

Next week, four of the remaining “Magnificent Seven” companies will announce their financial results: Microsoft on Tuesday, Meta on Wednesday, Amazon and Apple on Thursday, while Nvidia will announce its results at the end of August. These companies’ rising earnings and increasing price/earnings driven by investor interest in artificial intelligence have supported record market growth since the end of 2022, despite interest rates at their highest level in two decades. All three major indexes hit new all-time highs earlier this month. However, trends have changed in the past week. The S&P and Nasdaq are down 3% and 5%, respectively, from their record highs hit earlier this month. Goldman Sachs strategists warned last week that there was a strong potential for a summer decline because of possible volatility related to geopolitical events.

The Future Forbes Realty Global Properties

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.