Investors this week deserted a trade that has generated big returns since the financial crisis, ditching shares of fast-growing technology companies in favour of staid businesses that had largely been overlooked by Wall Street.
The tech-focused Nasdaq Composite shed 4.5 per cent in the first five trading days of 2022, the worst annual debut since fears of a slowdown in China sent shockwaves across global financial markets six years ago.
The tech tumble came as US government bond yields surged the most in 28 months, as concerns mounted that the Federal Reserve would need to raise rates more aggressively than was previously expected to tame hot inflation.
您已阅读11%（661字），剩余89%（5169字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。