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Tumult in tech stocks hurts for now, but may not lead to broader correction

By jennifer | on January 11, 2022 |
Business Entertainment Fashion Lifestyle Politics Top Stories

The Nasdaq briefly dipped roughly 10% from its all-time high before curtailing its losses and ending the session up 0.05%.
Strategists do not foresee other major indexes or sectors making the same dramatic move for now, though they may face a pullback.
The sell-off is expected to remain most concentrated in tech and high-growth stocks, as value outperforms.

The Nasdaq Composite and the tech sector of the S&P 500 slid sharply to begin the year, but strategists say that may not be the fate of other groups or the broader market.

The tech-heavy Nasdaq sold off hard early Monday, falling roughly 10% from its all-time high during the worst of the decline. Big cap tech, like Apple, Microsoft and Alphabet were all sharply lower but curtailed their losses and helped the Nasdaq stage a dramatic reversal into positive territory near the end of the day.

“I think it’s violent and unpleasant repricing, but I don’t think it will end up derailing the year,” said Lori Calvasina, head of U.S. equity strategist at RBC. “I would say I’m still within the category of any kind of broader market downturn would be in the 5% to 10% range, as opposed to 10% to 20%. 10% to 20% would be a growth scare, and I don’t think we’re in a growth scare.”

As tech has fallen, value stocks and cyclical sectors have done better. For instance, financial stocks, helped by rising rates, were up 5% since the start of the year, while S&P tech stocks were down 4.6%.

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