Nasdaq Heads for Biggest Two-Month Slump Since 2008 as Risks Pile Up

Bulls point out that better-than-forecast earnings plus the slump in stock prices means valuations are now more reasonable. And the Nasdaq 100 has held up well since the war started, gaining the past two sessions.

Yet the economic impact of the invasion remains unknown, and the Federal Reserve is still poised to raise interest rates.

“This is the most difficult environment we’ve had in years,” said Ted Mortonson, a technology strategist at Robert W. Baird & Co. “I don’t think the rate environment is fully factored in, and we are dealing with secular inflation, which makes this cycle different. Sentiment is somewhere between fear and panic right now, and I don’t think we’ve seen panic yet.”

In a sign of how widespread the selloff is in U.S. stocks, more than 70% of the stocks in the Nasdaq Composite Index are now trading below their 200-day moving average, the highest such level since the peak of the pandemic selloff in 2020.

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A Chinese chipmaker, Fujian Jinhua Integrated Circuit, blacklisted by Washington as a technology thief more than three years ago, is finally getting a chance to prove it was wrongly accused.
YouTube will stop running advertisements on channels from Russian state-backed media and certain other accounts included in sanctions over Moscow’s invasion of Ukraine.
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(Updates to market open.)