Nasdaq 100 Posts Longest Losing Streak in Four Months
The index fell 2.6% on Monday, weighed down by a rout in some of last year’s best stay-at-home trades.
(Bloomberg) -- Mounting bets that the economy is set to take off later this year have sent a gauge of the stock market’s highest fliers on its longest slump in four months.
The tech-heavy Nasdaq 100 fell 2.6% on Monday, weighed down by a rout in some of last year’s best stay-at-home trades and bringing its losing streak to five days. Peloton Interactive Inc. sank 10%, while digital signature company DocuSign Inc. fell 8.2%. Tesla Inc., the biggest gainer in the Nasdaq 100 in 2020, dropped 8.6%.
Amid incipient signs of inflation and surging Treasury yields, investors are growing concerned sky-high valuations for some technology companies could be hard to justify.
The Nasdaq 100 has fallen 4.2% over the five-day span, the longest-consecutive streak of losses since Oct. 19.
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