Tech rout drags markets down

A rout in technology companies dragged down the stock market, with investors gearing up for a key inflation report that could help forecast the Federal Reserve’s next steps.

The Nasdaq 100 underperformed, falling 1.1%. Apple, which unveiled the iPhone 15 and other products, dropped almost 2%.

Its launches are famous “sell-the-news” events. Oracle sank the most since 2002 after a slowdown in cloud sales. U.S.-traded BP shares slid as its chief resigned at a time when the company is trying to persuade investors to stick with it through a costly transition to low-carbon energy.

A rally in crude sent energy shares higher and added to concern about inflationary pressures. Banks also gained amid a presentation at the Barclays Global Financial Services Conference.

Gates-backed startup launches

A thermal battery startup backed by Bill Gates’ Breakthrough Energy Ventures has launched its first commercial-scale system, a major step toward its goal of weaning heavy industry off fossil fuels.

With its pilot project up and running at a facility in Fresno, California, Antora Energy plans to ship the technology to its first buyers in 2025.

Unlike a lithium-ion battery, which stores electricity as chemical energy, Antora’s thermal battery system keeps it as heat inside carbon blocks at temperatures above 3,272 degrees Fahrenheit.

It can discharge that energy directly as heat or as electricity, which it can do by converting the heat back to electricity via thermophotovoltaic cells, similar to those found in solar panels.

From wire reports