Escape from growth stocks.. 20% losses in “Apple” stock since the beginning of the year

Shares of large technology companies suffered heavy losses, Thursday, which led to the decline of many other US stocks with them, after analysts at Bank of America downgraded Apple shares.

Technology stocks have been pushed lower, and have been losing ground since the start of the year; As investors exited growth stocks and flocked to more defensive assets to deal with higher interest rates, and to weather a potential recession.

After rising on Tuesday and Wednesday, the Nasdaq technology index resumed its decline, continuing its negative performance after the worst two weeks since the beginning of the Covid-19 pandemic.