Netflix caught up in €1.2trn tech stock rout this year

The reversal for some of last year’s hottest stocks makes tech one of the worst-hit sectors in the S&P 500

A scene from 'Bridgerton', which has been a big hit for Netflix: The streaming service, along with other tech stocks, has had a volatile start to 2022. Picture: Liam Daniel/Netflix

Tech stocks’ volatile start to 2022 offers a stark reminder of how harshly Wall Street is punishing the former stars of the pandemic era.

One-time stay-at-home winners such as Etsy, Netflix, and PayPal are among the biggest losers in the S&P 500 Index this year. They’re part of a $1.3 trillion (€1.2trn) wipeout in market value for the Nasdaq 100 Index — a tide so strong that even mega caps Amazon and Apple are struggling to stay in the green.