Big Tech Logs Year’s Longest Weekly Losing Streak: Markets Wrap
- ‘Markets are being hit by a perfect storm,’ says Barclays
- Global stocks have worst week since March amid rate worries
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Megacap tech stocks slumped for a third straight week — the longest such streak in 2023 — as fears of higher global interest rates weighed on sentiment while bonds bounced off multiyear lows.
Stocks ground higher in the final minutes of the session in moves likely exacerbated by Friday’s giant options expiration. It wasn’t enough as the S&P 500 and the Dow Jones Industrial Average ended the session unchanged. The Nasdaq 100 inched down 0.2% while MSCI’s global equities benchmark notched its biggest weekly loss since the March meltdown of Silicon Valley Bank.