PelotonIts IPO price was below it. NetflixIt suffered the sharpest fall in over a decade and chips stocks also continued to suffer. Take all of it together and you have the Nasdaq closing its doors. worst weekSince the start of the pandemic.

At Friday’s closing, the Nasdaq had fallen 7.6% in the past week. It was the largest decline since March 2020. That is when markets plunged due to Covid-19 fears. This is also the fourth consecutive weekly decline for the tech-heavy index. Its longest losing streak in a row since April and May last year.

Heading into 2022Tech stocks were largely affected by outward movement. Federal Reserve signaled that they were considering interest rate rises due to rising inflationary pressure. The work-from home theme is causing shares in cloud-computing and high-multiple stock to plummet. fell apart.

Fundamentals of business remain appeared to be solidHowever, things were improving and the economy was booming.

This confidence was eroded by the bad news coming out of certain sectors of technology, which raised concern about Q4 tech earnings reports due to start in the following days.

Peloton reported Thursday preliminary quarterly resultsThe company stated it was not expecting to see as many connected fitness subscribers as expected. Following the announcement, the company released its statement. CNBC reportedPeloton temporarily suspends production of connected treadmills and bikes, and is looking at ways to reduce costs.

John Foley, Chief Executive Officer of Peloton said that the company is taking “significant corrective measures” to increase profitability and reduce costs. 

Peloton shares plunged 24% Thursday before recovering slightly on Friday, leaving them at 14%. At $27.06, the stock was below its 2019 IPO price of $29, which is now closing at $27.06

Peloton, a niche business with a unique product, saw high demand in the initial days of the pandemic. This was because consumers were at home while gyms closed.

However, what was initially dismissed as an isolated event gained importance after hours of streaming on Thursday by Netflix, a far larger company. shocked the market.

According to StreetAccount, the video-streaming company stated that it expected to add 2.5million subscribers in its first quarter 2022. This is far less than analysts’ expectations of 6.93 millions. Stock fell 22% Friday. This was the largest drop in nearly a decade. It also fell 24% during the week.

Investors bought streaming audio service. SpotifyAccording to the Gaming Company, shares dropped by 11% during week. RobloxThis declined by 13% Amazon also had its worst week since 2018Dropping 12%

Apps for trading Robinhood CoinbaseThe market plunge in speculative asset prices caused the week to be incredibly difficult for them, with their shares falling 14%, 17% and respectively. including cryptocurrencies.

Next week is a busy one for tech earnings. IBMOn Monday you will report, and then on Tuesday. MicrosoftOn Tuesday, Intel Wednesday.

Intel saw the biggest decline, with a 6.6% drop. This was part of the larger decline in semiconductor companies. AMD, Qualcomm NvidiaEach fell more than 12 percent.

While supply chain problems remain an issue, investors could be expecting troubling predictions on the sales of devices as earnings begin to trickle in. The Researcher IDC said last monthAfter two consecutive years of double-digit growth, the PC market is likely to slow down in this year.

Piper Sandler’s analysts reported on Thursday that AMD was downgraded to the equivalent hold from buy. The reason for this decision is based partly on the track record of computer sales. AMD is expected to release fourth-quarter results by February 1.

Piper Sandler stated that while we don’t see the company miss its estimates in the next 2 quarters but, ultimately, we see slower growth combined with a slower PC environment burdening stock.

For the year, the Nasdaq is down 12%, losing to the S&P 500, which has dropped 7.7%, and the Dow Jones Industrial Average, which has fallen 5.7%. In 2021, the Nasdaq lagged the S&P for the first time since 2016.

The S&P hasn’t beaten the Nasdaq in two consecutive years since 2006 (when it finished a three-year run ahead of the Nasdaq). It’s too early to predict how 2022 will turn out, but tech has a very bleak start. Investors are on edge as they enter earnings season.

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