Nasdaq records first five-week losing streak since 2012

Read Time:1 Minute, 55 Second


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)

JOHANNES EISELE | AFP | Getty Images

The Nasdaq Composite fell for a fifth straight week on Friday, dropping about 1.40% to $12,144.66 over the past five days, which marks its first time since 2012 with a losing streak of at least five weeks.

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. Bill.com 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.


If you want to know more about business please go to https://updatednews24.com/category/business/

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

Who we are

Suggested text: Our website address is: https://updatednews24.com.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Suggested text: Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings