Rising interest rates keep tech under pressure

No respite for tech. The apparent casualness of the President of the Federal Reserve in the face of the rise in US long-term rates has increased the pressure on Wall Street, and in particular on technology stocks. The American stock markets have lost ground in recent days, in particular the Nasdaq with a strong technological coloring. It has fallen more than 10% since its peak on February 12. He is heading towards his third week of losses in a row and his performance since the start of the year is now in the red.

The underperformance of GAFAMs has largely contributed to this air gap given their disproportionate weight in the American indices. Amazon and Facebook have been treading water in recent months, and are down about 15% from their highs last August. Apple has fallen nearly 17% since the end of January. Even Microsoft and Google, which continued to climb at the start of the year, have slowed down recently, with respective declines of 7% and 3% since mid-February.

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