The runaway inflation led the Fed to hike interest rates this year aggressively. The central bank has implemented six interest rate hikes this year, with more in the offing.
The Fed’s aggressive monetary policy tightening has kept tech stocks under pressure. The tech-heavy Nasdaq composite has fallen 28.8% year-to-date. However, tech stock Cisco Systems (CSCO) has gained 14.4% in price over the past month to close the last trading session at $47.79.
