![]() ![]() also showed investors were rushing to the ultimate safe-havens like cash and U.S. The weekly fund flow statistics from Bank of America Corp. ![]() equities, of those stocks with the highest valuations, growth expectations, and need for equity-market funding,” said Ben Laidler, global markets strategist at eToro. ![]() “This has driven a ‘stealth correction’ in U.S. Adobe Inc.’s 8.2 per cent drop on Friday and Inc.’s nearly 12 per cent decline Wednesday among this week’s notable moves. These so-called momentum stocks, including Nvidia and high-flying software names, were among Wall Street’s top performers in 2021, with their high levels of growth spurring a frenzy of buying.īut that’s now sharply reversing, with the hawskish signals from the Federal Reserve leaving investors bracing for rising interest rates that will affect some of the most highly valued stocks the most. That’s not seen as a good sign heading into the end of the year, the most illiquid trading season. The selloff gained force Friday, leaving the so-called NYSE FANG+ Index of the tech-industry’s giants bordering on correction territory, or a 10 per cent drop from the peak. That wiped several hundreds of billions from their market values, with Meta alone losing some US$224 billion since its shares hit a September record. have all lost over 10 per cent in the past few weeks. The highest flying of Wall Street’s stock-market darlings are now taking a major beating. ![]()
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