Monday, May 9, 2022
On Thursday the NASDAQ Composite Index fell 5%, its biggest one-day decline since 2020. However, looking beneath the surface reveals problems in the tech-heavy index that have existed for quite some time. E-commerce behemoth Shopify fell 15% after posting its slowest revenue growth in 7 years, with its shares down 70% year-to-date, while Netflix's high-profile meltdown has seen its shares fall 69%. Indeed, out of the 192 large stocks in Technology and Communication Services, over 160 are down this year. With the benchmark S&P 500 index down about 14% this year, every sector has lost ground except two—energy and utilities. (Chart by chart.co)
