NASDAQ DEEPER INTO CORRECTION… Declines Ring Dot-Com Bust Alarm Bell…

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Nasdaq tumbles 2% Friday, notches worst week since 2020 and falls deeper into correction territory

U.S. stocks tumbled on Friday, closing out a losing week and continuing a rough start to 2022. The Nasdaq Composite was hit the hardest with Friday’s selling sending the tech-heavy index to its worst week since 2020.

The Nasdaq Composite declined 2.7% to 13,768.92 on Friday. The Dow Jones Industrial Average fell 450.02 points to 34,265.37. The S&P 500 slid 1.9% to 4,397.94.

The Nasdaq posted a 7.6% loss for the week, its worst since October 2020, and now sits more than 14% below its November record close. Both the Dow and S&P 500 closed out their third straight week of losses and their worst weeks since 2020. The S&P 500 is off more than 8% from its record close.

NASDAQ Unrelenting Declines Ring Dot-Com Bust Alarm Bell…

To wit, the Nasdaq 100 just did something it hasn’t done since the aftermath of the internet bubble: fall more than 1% in every session of a week. It doesn’t count as a superlative because Monday was a holiday. But for investors caught up in the selloff, it felt like something shifted.

A full week of big down days hasn’t happened since the dot-com bubble burst, first in April 2000 and then in September 2001. Back then, the Nasdaq went on to fall another 28% before the market bottomed roughly a year later.

“If you just look at those two prior instances, right after 9/11 was a brutal market, while the other was the first leg down in the collapse of the tech bubble,” said George Pearkes, a strategist at Bespoke Investment Group. “It’s certainly ominous, isn’t it?”

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