The tech-heavy Nasdaq composite is down about 25% year-to-date and is expected to keep losing on concerns over rising interest rates and a potential recession this year. The rising interest rate environment has significantly affected the capital-intensive tech industry, as their borrowing costs have increased considerably.
The August inflation report came in hotter than anticipated, undermining investor hopes for falling prices and less aggressive interest rate hikes. The Nasdaq composite was down 4.3% at the time of writing this article earlier today.
