NEW YORK (AP) — More sharp declines in Big Tech stocks despatched the Nasdaq composite down 4% Tuesday, the worst drop for the tech-heavy index since September 2020.
The Nasdaq is now down 20% up to now this yr as buyers shun the ultra-pricey tech sector, which had made features for a lot of the pandemic.
With rates of interest set to rise because the Federal Reserve steps up its inflation battle, merchants are much less and fewer prepared to pay the lofty costs they’d been paying for Microsoft, Facebook’s guardian firm and different tech giants.
The S&P 500 fell 2.8% and the Dow Jones industrials misplaced 2.4%.
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