The Marriner S. Eccles Federal Reserve building in Washington, DC, US, on Wednesday, Nov. 9, 2022. The Republican wave that was supposed to undo Joe Biden's presidency failed to arrive as GOP candidates were projected to dominate Tuesday's midterm elections, with polls showing voters bitter about the state of the economy. Photographer: Graeme Sloan/Bloomberg
Locked
Money-losing tech stocks fade again as Fed stays hawkish
While rising rates have hammered tech stocks broadly this year, riskier companies have been hit especially hard.
By Ryan Vlastelica
(Bloomberg) — The brief record rally this month in shares of unprofitable and highly valued technology companies is starting to look like a short-lived blip amid a steady drumbeat of hawkish commentary from Federal Reserve officials.
A basket of money-losing tech stocks compiled by Goldman Sachs Group Inc. jumped 15% on Nov. 10 after a report showed US consumer-price inflation cooled in October more than forecast. The news led to speculation the Fed had room to slow its pace of interest-rate increases.
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