Stocks Tumble, Nasdaq Drops to Two-Year Low

CNBC: Stocks closed lower on Monday with the Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of spiking interest rates. The declines came as JPMorgan CEO Jamie Dimon warned that the U.S. would likely fall into a recession in 2023, and that it may not be just a mild economic contraction as some economists have projected. A policy change weighed on semiconductor stocks after the Biden administration announced new export controls that limit U.S. companies selling advanced computing semiconductors and related manufacturing equipment to China. Tech shares have also been hit the hardest in this sell-off as rising rates expose their relatively high valuations and raise their cost of capital (CNBC). Wall Street Journal: The S&P 500 turned lower after opening with slight gains, shedding 27.27 points, or 0.7%, to close at 3612.39. The Dow Jones Industrial Average edged down 93.91 points, or 0.3%, to 29202.88 while the Nasdaq Composite fell 110.30 points, or 1%, to 10542.10 (Wall Street Journal).