China’s Hack Attack
After a deep fall on Monday, the markets rebounded as investors put aside the Delta variant concerns. — More on that in the “Overall Market” section.
Beyond the overall markets, two companies did exceptionally well on Tuesday. The first tech company recovered from Monday’s sell-off. Meanwhile, the second one had a positive day after releasing its earnings report. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, the problems between China and the USA had just gotten worse. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the red zone on Monday. Scroll down to the “Overall Market” section to read more.
Cryptocurrency: Bitcoin’s price decreased to $30K per coin.
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Pessimism Put Aside
The stock market ended in the green zone on Tuesday.
Although plunging in the previous session, the markets climbed back up to recover the losses. The comeback happened after investors put aside the pessimism from Monday’s session. From the analysts’ perspective, hospitalization and deaths have not risen as dramatically as the infection cases by the Delta variant.
So, what happened?
Shares of Alteryx (Ticker: AYX) were up by more than 5% on Tuesday. Although investors consider AYX a relatively cheap software stock, Alteryx has shown promising upside potential in its earnings report. The data analytics software company rebounded as investors took advantage of Monday’s sell-off. However, the increase anticipates good results for Alteryx’s earnings report.
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So what happened?
Shares of IBM (Ticker: IBM) were up by more than 2% on Tuesday. The slight increase came after the technology giant unveiled its second-quarter results. IBM’s revenue rose more than 3% year over year to $18.7 billion, fueled by a 6% rise in its cloud and cognitive software sales. Furthermore, a 12% jump in its business service revenue helped boost IBM’s numbers in the second quarter.
China’s Hack Attack
So what happened?
The Biden administration blamed hackers tied to China for Microsoft (Ticker: MSFT) cyberattack spree. After dozens of nations condemned Beijing’s state-sponsored hacking, four Chinese nationals were indicted over separate hacking activities. The public declaration from Biden’s administration came after cybersecurity experts pressured the government to respond to China’s alleged involvement in the email hack. According to the U.S. government, the administration has high confidence that hackers tied to the Ministry of State Security carried out Microsoft’s servers’ unusually indiscriminate hack.
Although companies like Microsoft heavily invest in safety measures, it seems that the government’s espionage is always a step ahead.
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