NASDAQ Composite tech index has experienced its worst days since the start of the pandemic

US tech stocks posted their worst two weeks since the pandemic began. The NASDAQ Composite Technology Index was hit hardest, dropping another 5.07% last week. The trading week on Friday closed at 10,867.93 points. Two weeks ago, the NASDAQ Composite index of technology companies lost about 5.5%. Thus, in just the past two weeks, the index has lost more than 10%.

Analysts noted that for the NASDAQ Composite index, the last two weeks were the worst since the onset of the pandemic in March 2020. Recall that in March 2020, the index for the same period of time fell immediately by 20%. Technology companies are now under pressure from two factors: rising inflation and high interest rates. It was technology stocks that rose the most in emerging markets during the boom.

Next week will be the final one for Q3 2022. The NASDAQ is now just above its two-year low, which was set in June 2022.