Big-Tech Stock Rebound Snapped With Rates Ready to Rise
- Nasdaq 100 loses 5% with every member of the index declining
- Worse than expected CPI changes how tech should be valued
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Technology stocks took a beating Tuesday with the Nasdaq 100 Index dropping 5.5%, its worst performance since March 2020, with every company in the tech-heavy benchmark declining.
The culprit was a worse-than-expected inflation report that triggered a broad selloff in stocks. This marks the seventh decline of 4% or more for the Nasdaq 100 this year, the bulk of which occurred in May and June when it was tumbling toward its low for the year, according to a research report from Bespoke Investment Group.