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Elon Musk attends The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Gotham/Getty Images)Gotham | Getty Images

Investors lowered the valuations of the world's largest technology companies in the second quarter as central bankers ratcheted up interest rates to ward off inflation.

Big technology names became less valuable in the first quarter, with Russia's invasion into Ukraine cutting into business and adding to supply complications that appeared in the pandemic, sending the broad S&P 500 index down about 5%. The situation worsened in the second quarter as the Federal Reserve swung into action with rate increases. While the S&P tumbled another 16%, the technology-heavy Nasdaq Composite index declined 22%.

U.S. stocks fell Thursday to end the second quarter, prompting the S&P 500's weakest first half of the year since 1970.

Electric-vehicle maker Tesla endured its largest quarterly decline since its 2010 initial public offering as the stock sank almost 38%. In the quarter CEO Elon Musk made a bid to acquire social-media company Twitter for $44 billion.

Amazon stock dropped almost 35%, the most since the third quarter of 2001. The company's first-quarter earnings fell short of analysts' estimates in April as revenue growth slowed. In early June, Amazon said Dave Clark, CEO of the e-commerce company's worldwide consumer business, was resigning. In September he will start as CEO of supply chain software startup Flexport.

Shares of Google's umbrella company, Alphabet, ended the quarter down almost 22%, the worst results since the fourth quarter of 2008. Microsoft shares dropped about 17%, the sharpest decline since the second quarter of 2010.

Apple's stock fell almost 22% in the second quarter in the stock's worst performance since the fourth quarter of 2018, when Apple reported light guidance and the stock market overall endured a steep selloff.

Facebook parent Meta Platforms — whose ticker symbol changed to META from FB this month to match its new corporate identity reflecting a stronger emphasis on virtual worlds where people can transact and interact — saw its stock fall more than 27%. That was a better outcome than the first quarter, when the stock's value compressed by about 34%. In February the social-network operator said its count of daily active users (DAUs) on Facebook had decreased quarter-over-quarter for the first time.

Drugmakers Eli Lilly and Merck, cereal manufacturer Kellogg and discount retailer Dollar General all outperformed these six companies, posting gains of at least 10% in the quarter.

WATCH: A lot of names will never recover in growth tech, says EMJ Capital's Eric Jackson

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3 moves Braves can make to leave Mets in the dust after deGrom bails

Jacob deGrom, New York Mets, Braves. (Photo by Elsa/Getty Images)

The Atlanta Braves have a real opportunity to put some distance between themselves and the New York Mets.

Jacob deGrom signed with the Texas Rangers on Friday night to the tune of a five-year, $185 million contract. It’s a significant risk for a Rangers team trying to find an identity through big-name free agent signings.

As for the Mets, it was an offer Steve Cohen was never going to match, no matter his own valuation. deGrom is a depreciating asset, and one who cannot stay healthy. New York’s reported best offer was for three years and a $40 million AAV. It was respectable, but not what deGrom was looking for in terms of contract length.

The Mets loss is a gain for teams like the Braves and Phillies, who fought all season long with New York in a crowded NL East. Cohen will add some pitching to replace deGrom, sure. But there is no replacing a pitcher of that magnitude straight up.

Atlanta won the division in 2022 for a reason, catching the Mets with just a couple weeks left in the regular season. This offseason, they have a chance to put some distance between themselves and their longtime rival.

Braves rumors: Atlanta should trade for Bryan Reynolds

Bryan Reynolds requested a trade from the Pittsburgh Pirates on Saturday afternoon. It was leaked to the press shortly thereafter.

Reynolds is an All-Star level outfielder in a losing situation in Pittsburgh. The Bucs won’t give him up for cheap, as Reynolds is under contract for the next three seasons, but the Braves have the assets to trade for the 27-year-old.

Atlanta’s outfield is decent overall, with Ronald Acuña and Michael Harris patrolling. Left field remains a question mark, as Marcell Ozuna is far from the player he once was.

Some things to keep in mind: Reynolds playing primarily left field as a rookie in 2019; he has said before he’d like to play for Atlanta; Pirates would certainly like to add a couple of starting-pitcher prospects, the only prospect area in which ATL has anything close to surplus.

— David OBrien (@DOBrienATL) December 3, 2022

The Pirates aren’t intent on trading Reynolds. It defeats the entire purpose of using him as a trade asset if they announce to the world they want to deal him, and depreciates his value. But Pittsburgh also doesn’t have the type of payroll flexibility necessary to sign Reynolds long-term, which defeats the entire purpose of having him on the roster in the first place.

The Pirates are rebuilding. Their competitive window isn’t set to open for a few more years, at which point Reynolds will likely be on his way out, anyway. Why not flip him to the Braves for young MLB talent like Vaughn Grissom, William Contreras or more?

Next: 2. Keep The Sheriff

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