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NASDAQ

| May 10, 2022
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 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.  E-commerce behemoth Shopify fell 15% after posting its slowest revenue growth in 7 years, with its shares down 70% year-to-date, while Netflix’s high-profile meltdown has seen its shares fall 69%.  Indeed, out of the 192 large stocks in Technology and Communication Services, over 160 are down this year.  With the benchmark S&P 500 index down about 14% this year, every sector has lost ground except two—energy and utilities. (Chart by chart.co)

Jeffrey Cerny

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