The Nasdaq Composite Index, the benchmark for technology stocks in the US, fell to its lowest level since November 2020 on Thursday, May 5, which can be attributed to a number of factors, including lacklustre earnings from e-commerce firms like eBay (NASDAQ:EBAY) and macro-economic factors like the Federal Reserve's monetary tightening.
The index fell 4.99% on Thursday to 12,317.69. The sell-off came amid a dismal performance by the overall US stock market, with the Dow Jones Industrial Average also shedding 3.12% and the S&P 500 slipping 3.56%, its second-worst since the start of the year.
