Tech stocks’ volatile start to 2022 offers a stark reminder of how harshly Wall Street is punishing the former stars of the pandemic era.
Onetime stay-at-home winners like Etsy Inc., Netflix Inc. and PayPal Holdings Inc. are among the biggest losers in the S&P 500 Index this year.
Geopolitical tensions and supply chain hurdles have added to concerns over rising interest rates and surging bond yields — which can hurt the present value of future profits. Home-fitness equipment maker Peloton Interactive Inc. has slumped 25% and electronic signature solutions provider DocuSign Inc. is down 29%, while e-commerce company Etsy and online payments firm PayPal have declined 40% and 37% respectively.
While Amazon and Apple have eked out some gains in March, Netflix and Meta have been decimated this quarter, losing more than $400 billion in market value combined due to their uncertain growth outlooks.Russia’s invasion of Ukraine has further fueled a rally in one group of pandemic winners: cybersecurity firms.
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