S&P Suffers Losing Week to Begin ’22

S&P Suffers Losing Week to Begin ’22

(MENAFN- Baystreet. ca) S&P Suffers Losing Week to Begin '22 Advertisment The S&P 500 fell slightly on Friday at the end of a rough week for markets, which have come under pressure because of a spike in rates to begin 2022. Tech shares have led the losses. The Dow Jones Industrials weakened 4. 81 points to 36, 231. 66. The 30-stock index lost more than 106 points, or about 0. 3%, as investors rotated into some value stocks amid the rise in rates. The much-broader index fell 19. 02 points to 4, 677. 03. The S&P 500 was off by 1. 8%. The NASDAQ docked 144. 96 points, or 1%, at 14, 935. 90. The tech-heavy NASDAQ is on track for its worst week since February 2021, down more than 4% in the first five trading days of 2022. Tech stocks lost ground further on Friday as yields jumped, continuing a theme of the week as investors rotate out of the sector. With rates rising rapidly, investors are dumping riskier stocks trading on high valuations based on estimates of profit growth far off in the future. Microchip Technology was one of the biggest decliners in the NASDAQ, down about 3%.