BusinessNasdaq records first five-week losing streak since 2012

Nasdaq records first five-week losing streak since 2012

Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 19, 2020 at Wall Street in New York City. – US stocks open mixed, Dow -0.4%, Nasdaq +0.1% (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)


The Nasdaq Composite fell for a fifth straight week, dropping about 1.40% to $12,144.66 over the past five days, wrapping up its longest weekly losing streak since 2012.

During the past week, the Fed raised interest rates by 0.5%, and warned again of “much too high” inflation, which rattled markets. The Nasdaq dropped over 5% on Thursday, a day after the Fed meeting.

The tech-heavy Nasdaq’s woes represents a significant shift in investor sentiment towards growth stocks, which consistently rose during 2020 and 2021.

Inflation concerns, fed hikes, and worries about deteriorating economic conditions affecting consumer spending are forcing investors to reassess some of the most high-flying stocks over the past few years.

The Nasdaq Composite peaked on Nov. 19 at $16,057.44, and it has lost nearly a quarter of its value since then.

Some of the biggest falls came from stocks that reported earnings during the week. Lyft fell 36% after providing weak guidance for the current quarter. slumped 28% after reporting slowing revenue growth, Cloudflare fell 24% after forecasting a possible loss in the current quarter, and Confluent fell 23% after growth underperformed expectations.

Some of the top tech companies on the index also fell during the week. Amazon fell over 6% and Microsoft lost just over 1% of its value. Apple stock was up 0.29% at the end of the week after reporting last week that it was more concerned about supply shocks than consumer demand.

There have been ten times in the past decade that the Nasdaq Composite has reported a losing streak of at least four weeks. In October and November of 2012, the Nasdaq dropped for six straight weeks.

The Nasdaq is also on pace for its worst quarterly performance since the last three months of 2018.

Original Source Link

Latest News

What does it mean to be an innovative company?

At Fast Company’s MIC Summit and Gala, executives Deloitte, Pivot Bio, and Pfizer laid out what innovation means...

Kenya Partners With Marathon To Monetize Underused Energy By Mining

Kenya has signed a deal with Bitcoin miner Marathon Digital Holdings to monetize the country's underutilized energy resources....

Will Eurozone inflation derail the ECB’s rate cut plans?

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly...

Apple’s WWDC may include AI-generated emoji and an OpenAI partnership

Recent rumors have held that Apple will be allowing chatbots to integrate more deeply into its operating systems,...

Trump Promises To Free Ross Ulbricht, Yet He Wants To Execute Drug Dealers

"We're going to be asking everyone who sells drugs, gets caught selling drugs," former President Donald Trump said...

Must Read

- Advertisement -

You might also likeRELATED
Recommended to you