Traders work during the opening bell on the New York Stock Exchange (NYSE) on March 19, 2020 on Wall Street in New York City. – US mixed open equities, Dow -0.4%, Nasdaq + 0.1% (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE / AFP via Getty Images)
GIOVANNI EISELE | AFP | Getty Images
the Nasdaq composite it fell for a fifth consecutive week, falling roughly 1.40% to $ 12,144.66 over the past five days, ending the longest weekly losing streak since 2012.
Over the past week, the Fed raised interest rates by 0.5% and again warned of “too high“inflation, which rocked the markets. The Nasdaq fell more than 5% on Thursday, a day after the Fed meeting.
The heavily tech-heavy Nasdaq woes represent a significant shift in investor sentiment towards rising stocks, which have steadily increased throughout 2020 and 2021.
Fears of inflation, full hikes and concerns about deteriorating economic conditions impacting consumer spending are forcing investors to re-evaluate some of the top-rated stocks in recent years.
The Nasdaq Composite peaked on November 19 at $ 16,057.44 and has lost nearly a quarter of its value since then.
Some of the biggest drops came from stocks which reported earnings during the week. lyft it fell 36% after providing weak guidance for the current quarter. Bill.com plummeted 28% after experiencing a slowdown in revenue growth, cloudflare fell 24% after forecasting a possible loss in the current quarter, e Confluent it fell 23% after growth underperformed expectations.
Some of the index’s major tech companies also fell during the week. Amazon drops over 6% e Microsoft it has lost just over 1% of its value. Apple stocks were up 0.29% at the end of the week after reporting last week that they are 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 2012, the Nasdaq fell for six consecutive weeks.
The Nasdaq is also keeping pace with the worst quarterly performance since the last three months of 2018.