Technology Stocks Head for Historic Wipeout as US Economy Cools
- One-time pandemic winners lead slump in first half of 2022
- Nasdaq 100 is on pace for biggest-ever calendar-year drop
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Skeptics have long made a sport of predicting that the decade-long rally in technology stocks was destined to reverse. At the halfway point of 2022, it seems like this is the year when they will be proven right.
The Nasdaq 100 Index has tumbled by almost a third this year, including a 1.3% drop on Thursday, erasing some $5.4 trillion in value in a selloff that has left few stocks unscathed. The benchmark, which gets half its value from tech, ended down 9% for the month of June, and sank more than 20% over the second quarter. It is on track for its biggest calendar-year decline ever.