Tech stocks sink again, Nasdaq having worst month since 2008 ...Middle East

Los Angeles Daily News - News
Tech stocks sink again, Nasdaq having worst month since 2008
source : Los Angeles Daily News ( Middle East ) () 17
Losses for technology stocks are accelerating on Wall Street, pushing the Nasdaq toward its biggest monthly loss since the 2008 financial crisis. A sharp drop in Amazon was helping to pull indexes lower after the internet retail giant posted its first loss since 2015. Big Tech has been leading the market lower all month as traders shun the high-flying sector. Tech had posted gigantic gains during the pandemic and now is starting to look overpriced, particularly with interest rates set to rise sharply as the Federal Reserve steps up its fight against inflation. The Nasdaq fell 3.5% and is down 12.6% for the month.

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