Nasdaq tumble on the second worst day of the year

Font size

The Nasdaq Composite fell 4.73% on Wednesday, under pressure from a disappointing retail income. This is the second-worst day of the year for the technology-heavy index, which is now down 27% in 2022.

The

Nasdaq
May 5 decreased by 4.99%. Today’s selloff is the fourth time this year that the Nasdaq has lost more than 4% in one day.

Even in today’s sharp loss, the Nasdaq Composite remained slightly above the 2022 closing low of 11 May 11,364.24.

Many online retailers have seen disappointing results, including the first quarter earnings period

Amazon.com

(Ticker: AMZN),

Etsy

(ETSY),

Ebay

(EBAY) and

Shopify

(Shop), but from this week’s report

Walmart

(WMT) and Target (TGT) in particular have raised new concerns about the health of consumer spending, causing further damage to e-commerce players.

Within Wednesday’s sales, the web-based retail group has fallen sharply

Wafer

(W),

Chewing

(CHWY), Overstock (OSTK), and

Groupon

(GRPN) decreased by more than 10% all day. Other consumer-oriented Internet-based companies were also hit hard

Dordash

(DASH),

Airbnb

(ABNB), and

Elevator

(LYFT) 8% and Uber (UBER) 7% down,

The market also continues to flee high growth but like expensive cloud-based software drama

Okta

(OKTA), 10% less,

Zscaler

(ZS), 10% discount,

Datadog

(DDOG) 7% down, and

Palo Alto Networks

(PANW) 7% less.

The winners of the epidemic continued their year-round recession, with losses of 6% or more for Amazon, Peloton (PTON) late in the day.

Zoom video communication

(ZM),

Tesla

(TSLA) and

Netflix

(NFLX).

Even the sale of the company’s shares with the announced takeover agreement like Polycom caused losses (which

HP Inc
.

Buying),

Activation Blizzard

(Which has been agreed to be acquired by

Microsoft

) And

Anaplan

(Which has received a purchase bid from Thama Bravo.)

Eric J. at [email protected] Write to Savitz