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Pandemic-Era Darlings Morph Into Symbols of New Market Wreckage

  • IPOs, speculative tech, ARKK, Bitcoin, oil prices all plunge
  • Valuations matter with investors ‘demanding profits’: Boockvar
Bloomberg business news
Stocks Are Close to a Bottom, Zuma's Spath Says

Stock markets continued to sink following last week’s recession worries, fueled by the Federal Reserve’s rate decision and the threat to global growth from China’s continued Covid lockdowns. The fear could be seen across asset classes, as traders offloaded equities and other risk assets in favor of cash.

Within the sea of red, some of the days’ biggest losers were investments that once surfed on waves of optimism: newly public companies would outperform; Cathie Wood’s flagship fund would regain its previous highs; cryptocurrency would shine as an alternate investment class. On Monday, markets appeared to give up on all these dreams.