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Just 7% From the Bubble Peak, Nasdaq Investors Losing Nerve

Anxiety is building after Microsoft Corp. cited dollar strength for a sales shortfall and International Business Machines Corp. warned the currency volatility may shave revenue growth by 5 to 6 percentage points.

Anxiety is building after Microsoft Corp. cited dollar strength for a sales shortfall and International Business Machines Corp. warned the currency volatility may shave revenue growth by 5 to 6 percentage points.

Photographer: Craig Warga/Bloomberg
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After waiting 15 years to pull back toward even, technology investors suddenly can’t handle success.

They yanked $6.8 billion from the biggest exchange-traded fund tracking the Nasdaq 100 Index in December and January, the most for any two months on record. Big speculators like hedge funds have cut their holdings of futures tracking the gauge to the lowest since 2012.