Number Of Nasdaq Stocks Down 50% Or More Approaches Record
From the Desk of Jim Eccleston at Eccleston Law:
An increasing number of Nasdaq stocks have plummeted by around 50% in an echo of the dot-com crash.
In fact, nearly four in every ten companies listed on the Nasdaq Composite Index have watched their market values slide by 50% compared to their 52-week highs, according to Jason Goepfert, chief research officer at Sundial Capital Research. Further, this is the first time since the dot-com crash that stock values have plunged while the Nasdaq index approaches a record peak. Goepfert further explained that tech stocks have continually faced pressure amidst a bond-market selloff, which has risen yields on 10-year Treasury’s to 1.72%.
Pressure has only increased after the minutes of a recent Federal Reserve policy meeting illustrated the potential for earlier and faster rate hikes. The Nasdaq Composite Index is set for its largest weekly decline since November, while a 3.3% fall last Wednesday constituted the index’s worst single-day session since February 2021.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.
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