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Big moment for tech, Tesla drops and Russia shuts off gas.Big for TechMicrosoft, along with Google parent Alphabet, kicked off a big week of [View in browser]( [Bloomberg]( Big moment for tech, Tesla drops and Russia shuts off gas. Big for Tech Microsoft, along with Google parent Alphabet, kicked off a big week of tech earnings yesterday with a mixed bag that won't fully soothe jittery tech investors. Alphabet posted a rare miss on slower European ad sales and lackluster YouTube performance. [YouTube]( was hit by its rivalry with TikTok and Apple's privacy changes. But Microsoft beat estimates, fueled by robust growth in [cloud-services]( demand. This comes after a big subscriber loss by Netflix last week. Facebook parent Meta Platforms reports later today. The recent selloff in [FANG stocks]( looks more significant than those that preceded it. Tesla wipeout Tesla shares wiped out about $126 billion in value on Tuesday as investors are worried that Elon Musk may sell shares to complete Twitter Inc.'s $44 billion takeover. Questions remain about how [Musk plans]( to cover the $21 billion equity portion of the transaction that he personally guaranteed. Meanwhile, [Twitter fell]( in pre-market trading, extending losses to dip further below Musk’s offer price. Russian gas Germany is [meeting with EU partners]( on gas supplies after [Russia said]( it’s cutting off gas to Poland and Bulgaria. Moscow is making good on a threat to halt gas flows to countries that refuse President Vladimir Putin’s new demand to pay for the fuel in rubles. The European Union has rejected Russia's demand. Four European gas buyers have already paid for supplies in rubles, according to a person close to Russian gas giant Gazprom. Stocks rebound European [stocks recovered]( opening losses. Most major indexes eventually posted small gains, led by the mining and auto sectors. S&P futures rose as much as 1.1% by 5:30 New York time. Treasuries traded poorly with the yield on the new 2y note rising roughly 9 basis points to just shy of 2.6%. In FX, the U.S. dollar remained well supported. Crude futures held a narrow range, while European natural gas advanced after the Russia move. Spot gold held below $1,900/oz and Bitcoin rallied back near $39,000. Coming up... Today's U.S. economic data includes the weekly MBA mortgage applications release at 7 a.m., the advance goods trade balance for March alongside preliminary wholesale inventories at 8:30 a.m., followed by pending home sales at 10 a.m. DOE oil inventory numbers are due at 10:30 a.m. ECB President Christine Lagarde is scheduled to speak at noon. Today's Treasury auctions include $24 billion of 2-year floating rate notes at 11:30 a.m. and $49 billion of 5-year notes at 1 p.m. Several large names are on the docket to report 1Q earnings, including Boeing, T-Mobile US, The Kraft Heinz, Meta Platforms, Ford and PayPal. What we've been reading Here's what caught our eye over the past 24 hours. - Satellite data show impact of [China lockdowns](. - The other [oil crisis](. - Dirty secrets of [million-dollar weddings](. - Struggle over [airplanes Russia seized](. - [Google strives for a comeback]( in Washington. - NATO needs to seal the deal with [Sweden and Finland](. - More than [half of people in U.S. had Covid-19](. And finally, here’s what Joe’s interested in this morning After the bell last night, [the retail trading app Robinhood announced that it’s laying off 9% of its workforce](. This probably won't come as a surprise to many people. The stock is down 85% from its highs last summer. And of course, we've seen a lot of the meme and growth stocks get crushed. Total call option volumes on U.S. markets have come way off over the last year. The fact of the matter is that the last several months have seen a gigantic loss in tech-related wealth. The NASDAQ-100 itself has shed roughly $4 trillion dollars in market cap. This is going to have various downstream effects, including layoffs, diminished household purchasing power among employees and stockholders, and less money to pump back into the tech echosystem (which means startup financing will be more scarce, with lower valuations) and on the cycle repeats. There is a sense in which this is what the Fed tightening is all about. Monetary policy works through financial conditions. A falling stock market is part of that. That leads to a cooler labor market in affected areas, lower demand, and in theory less inflation pressure. The more the Fed has to do get inflation under control, the more we'll see stories like this. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](