Stock prices such as the S&P 500 and the Nasdaq fell as interest rates continue to rise. Tech shares were greatly affected by the rising interest rates.
On January 7, the share price of the Nasdaq composite fell by 0.9%. The S&P 500 and The Dow Jones Industrial Average share price fell by 0.4% and 0.1% respectively.
The Nasdaq composite is comprised of Tech companies and it was greatly affected by the spike in interest rates.
According to Jay Pestrichelli, co-founder of ZEGA Financial, the stock market was undergoing a transition phase after a strong 2021 bullish phase.
Pestrichelli saw high volatility in individual stocks compared to indices. This was promoted by investors reconsidering Tech stock due to a spike in interest rates.
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