Raging Nasdaq Selloff Nears $1 Trillion Weekly Loss
- Amazon shares face longest string of declines since March 2008
- Peloton, Coinbase results deepen eye-popping stock slumps
The Nasdaq MarketSite in New York,
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Milestones have followed one after another for technology stocks in this week’s market meltdown: Apple Inc. is no longer the world’s most valuable company, Amazon.com Inc. is on its longest losing streak in 14 years and the Nasdaq 100 Index is on pace for its biggest weekly slump since January.
Blame the Federal Reserve, as policy makers rush to aggressively raise interest rates in their fight against inflation. And supply-chain concerns that are hurting earnings forecasts. Frothy valuations are another reason that investors have fled growth stocks, while chaos in the crypto market has also added to the growing wall of worry.