On the day, the S&P 500 lost 1.9% to 4,398.22 units, while the Nasdaq Composite fell 2.7% to 13,765.55. The Dow Jones Industrial Average fell 1.3% to 3,4275.82 units.
“It was really a continuation of the technology grind,” said Paul Nolte, portfolio manager at Kingsview Investment Management. “It’s really a combination of the rotation away from technology, as well as really bad numbers from Netflix, which I think is the catalyst for today.”
Stocks are off to a rough start in 2022 The rapid rise in Treasury yields, amid fears that the US Federal Reserve will become aggressive in reining in inflation, has hit tech stocks and growth particularly hard.
Investors are closely watching the Federal Reserve’s meeting next week for more clarity on the US central bank’s plans to tighten monetary policy in the coming months, after data last week showed that US consumption in December saw the largest annual increase in nearly four decades.
Apple, Tesla, and Microsoft are major companies that should report in a week full of results.