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Nasdaq records first five-week losing streak since 2012


Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 19, 2020 on Wall Street in New York City. – US stocks opened mixed, Dow -0.4%, Nasdaq + 0.1% (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE / AFP via Getty Images)

JOHANNES EISELE | AFP | beautiful pictures

The Nasdaq Composite fell for the fifth week in a row, down about 1.40% to $12,144.66 over the past five days, ending the longest weekly losing streak since 2012.

In the past week, the Fed has raised interest rates by 0.5%, and warned again about “too high“inflation, which sent markets reeling. Nasdaq fell more than 5% on Thursday, a day after the Fed meeting.

Nasdaq’s heavy tech woes represent a significant shift in investor sentiment toward growth stocks, which will continue to rise in 2020 and 2021.

Concerns about inflation, soaring and worries about worsening economic conditions affecting consumer spending are forcing investors to re-evaluate some of the stocks that have posted their highest gainers in the past few years.

The Nasdaq Composite peaked on Nov. 19 at $16,057.44, and it has lost almost a quarter of its value since.

Some of the biggest losers came from stocks that reported earnings for the week. Lyft down 36% after issuing weak guidance for the current quarter. Bill.com down 28% after it reported slowing revenue growth, Cloudflare fell 24% after forecasting potential losses for the current quarter and Affluence down 23% after growth fell short of expectations.

Some of the top tech companies in the index also fell for the week. Amazon down more than 6% and Microsoft lost just over 1% of its value. Apple shares gained 0.29% at the end of the week after reporting last week that they were more concerned about a supply shock than consumer demand.

There have been 10 times in the last decade the Nasdaq Composite has reported a losing streak of at least four weeks. In October and November 2012, Nasdaq fell for six straight weeks.

Nasdaq is also on track for its worst quarterly performance since the last three months of 2018.



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