Nasdaq 100 Hurtles Toward Year's Low: Five Views on What’s Behind the Drop
- Market ‘that just wants to go down’ right now: Cumello
- Tech stocks have lost roughly 20% since their previous highs
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Covid in China, war in Europe and changing perceptions about the invincibility of Big Tech companies are behind a plunge in the Nasdaq 100 Index that reached as much as 3.2% on Tuesday.
Only 10 of the index’s components are trading higher for the day. Tesla Inc. led declines, dropping by more than 10%. Meanwhile, unprofitable tech companies lost 5% at one point, with a gauge tracking such firms on pace to close at its lowest since mid-March.