Overnight Market Brief – 24 January 2022

US stocks tumbled on Friday, closing out a losing week and continuing a rough start to 2022. The Nasdaq Composite (-2.7%) was hit the hardest with Friday’s selling sending the tech-heavy index to its worst week since 2020, having declined to 13,768.92 on Friday. The Nasdaq posted a 7.6% loss for the week, its worst since October 2020, and now sits more than 14% below its November record close. Both the Dow and S&P 500 closed out their third straight week of losses and their worst weeks since 2020.

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