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The Nasdaq 100 Index wraps up 3rd straight week with declines
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FILE PHOTO: The Nasdaq 100 Index is wrapping up a third straight week of declines that has shaved off $1.6 trillion in market value from high-flying technology stocks amid a rise in U.S. Treasury yields. /VCG

FILE PHOTO: The Nasdaq 100 Index is wrapping up a third straight week of declines that has shaved off $1.6 trillion in market value from high-flying technology stocks amid a rise in U.S. Treasury yields. /VCG

The Nasdaq 100 Index is wrapping up a third straight week of declines that has shaved off $1.6 trillion in market value from high-flying technology stocks amid a rise in U.S. Treasury yields.

The benchmark saw some relief in early Friday trading in New York, but it's still on track for a 3.2 percent drop in the week, which would mark the longest streak of declines since September. The index edged 0.2 percent higher at 9:45 a.m.

This even as companies including software company Okta Inc. and DocuSign Inc. were among top falling stocks, accumulating over 20 percent in declines in the past three weeks, while other non-tech components of the Nasdaq 100, such as Tesla Inc. and Peloton Interactive Inc. also declined.

A spike in U.S. Treasury yields and the prospect of higher inflation has unsettled the stock market and helped trigger a sell off in the index, which advanced nearly 50 percent in 2020.

For Randy Frederick, vice president of trading and derivatives for Charles Schwab, while growth prospects for tech stocks remain largely unchanged, a reckoning was long in the making.

"Tech has basically been the leading sector for a decade," he said. "Without a doubt the sector looks inflated, and it had the most room to give up, especially now that people are concerned about inflation."

(With input from agencies)

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