Nasdaq Index Poised for the Worst January in Its 50-Year Existence
- Tech stocks priced on future earnings dented by rate hike bets
- Apple’s strong report helped limit declines late in the month
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The Nasdaq Composite notched its worst month in nearly two years after the Federal Reserve’s aggressive hike signals roiled high-flying technology stocks.
The index fell 9% in January, its biggest monthly drop since March 2020. The selloff came on the back of a surge in U.S. Treasury yields, which hurt pricier technology stocks that are valued on future growth expectations. The industry rout this year follows an extended period of outperformance related to both pandemic-era growth and low rates.