Tech stocks have been the worst affected in the Fed’s hawkish tilt and the ongoing market sell-off. This is evidenced by the tech-heavy Nasdaq 100 index’s 14.7% decline year-to-date. Remote working stocks, which were hailed as pandemic-winners in early 2020, have plunged in price lately.
However, the popularity of remote working has remained steady, particularly amid the resurgence of COVID-19. It has become the new normal for many businesses because it has lowered their operational costs and improved employee productivity. Despite the success of vaccinations and the removal of public-health-driving restrictions, remote working is likely to remain in place due to its various benefits. According to a survey by Gartner, 44% of companies have pushed back or altered their reopening plans owing to the surge in COVID-19 omicron cases.
