Tech Stocks Face Another 10% Drop As Inflation Kills Market, 401Ks

Deutschland, Bayern, Irschenberg, Tesla, Elektro-Auto, Tankstelle,

At a glance

  • The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur a more than 10% plunge in the Nasdaq 100.
  • The Nasdaq 100 is down about 31% so far this year, wiping trillions of dollars in market value, as investors reassess the post-pandemic value of many business models. Interest-rate hikes are hitting stocks and diminishing the value of their future earnings. Inflation is driving up costs, while a stronger dollar is weighing on profits and the threat of recession is growing. Retailers such as Amazon.com Inc. are finding some their direct responses to the Covid-19 pandemic — such as massive investments in warehouses and workers to pack products in them — are coming back to bite them. Futures on the Nasdaq 100 fell 0.5% in Monday trading as global risk assets extended their selloff.

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