Every day another pillar falls in the advance that sent equities skyward in the months after the coronavirus outbreak.P 500 has given back well over half the gains it booked since lockdowns began in earnest more than two years ago. Losses are worse away from the major benchmarks.
Stay-at-home darlings from Peloton Interactive to DocuSign and Zoom Video Communications have plunged at least 78 per cent since their post-crash highs.With the Federal Reserve showing no signs of wavering in its fight against inflation, concern is running rampant that the reversal is only just beginning. Strategists and technicians are looking for signs of panic, heavy-volume days and other indicators that mark a psychological washout before they can call the sell-off done and over with.
P 500 since February of that year. Stay-at-home darlings from Peloton Interactive to DocuSign and Zoom Video Communications have plunged at least 78 per cent since their post-crash highs. Even megacap tech stalwarts, coveted for their fortress-like earnings, are starting to buckle.“We’ve really had a period of froth that needed to come down, and we’re seeing that in a broad swath of industries,” Christian Ledoux, Director of Investment Research at CAPTRUST, said on Bloomberg Radio.