World stocks run lower on corrective tech action

The Nasdaq has posted sharp declines in recent weeks, a situation boosted yesterday by Netflix’s poor 2021 results.

The world’s major stock markets were operating at a loss on Friday, amid corrections in tech companies’ stocks due to rising interest rates, meaning that the future profits of these types of companies are less attractive to investors.

In particular, on Wall Street, The Dow Jones was trading up 0.12%, but the S&P 500 and Nasdaq were down 0.04% and 0.32%, respectively.

In Europe, declines were led by Germany’s DAX, with a 1.33% decline, followed by France’s CAC 40, with a 1.10% decline, and the Euro Stoxx 50, with a negative 1.01% variation. Similarly, the UK’s FTSE 100 contracted by 0.74%, while Spain’s IBEX 35 lost 0.65%.

The Nasdaq is one of the major indexes hit by the tech correction, a situation that was boosted yesterday by Netflix’s negative results in 2021, as it reported 18.2 million new users in 2021, which is 50% less than it achieved in 2020.

Meanwhile, in closed Asian markets, the outlook is no better. China’s CSI 300 was down 0.92%, Shanghai Comp was down 0.91% and Japan’s Nikkei 225 was down 0.90%. In contrast, Hong Kong’s Hang Seng was up just 0.05%.



Matt Thompson

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