Usually it’s a newsworthy event when the price of a well-known tech company falls by more than 10% in a week’s time. However, in the last few weeks almost every single day has seen multiple major technology bellwethers taking double-digit losses. So, how bad can this get?
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. Out of the 192 large stocks in Technology and Communication Services, over 160 are down this year.
April was a difficult month for the markets everywhere. In the U.S., the Dow Jones Industrial Average finished the month down -4.9%, while the Nasdaq plunged -13.3%--its biggest monthly decline since October 2008.
It’s been a challenging 2022 so far in the markets. In our latest situation report we outline what we’re watching and cases to be made for this bull market to continue, and cases to be made that we could be shifting to a bear market.
For the second time this year Netflix shares went into absolute freefall. NFLX is the worst performing stock in the S&P 500 this year, and is down about 65% from its all-time high. Netflix shares lost more than a third of their value just this week after reporting not just a slowdown in growth, but an actual drop in subscriber numbers for the first time ever. The streaming giant lost over 200,000 subscribers in its latest quarter—and it’s expecting even more in coming quarters.
On a single day earlier this month – and for the first time ever - wind power was the second-largest source of electric generation in the country, behind only natural gas. The Energy Information Administration reported on March 29th that wind turbines produced more energy than both coal and nuclear power.