{"id":542872,"date":"2022-01-20T03:59:21","date_gmt":"2022-01-20T03:59:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac\/"},"modified":"2022-01-20T03:59:21","modified_gmt":"2022-01-20T03:59:21","slug":"nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac\/","title":{"rendered":"Nasdaq falls into correction as tech exit continues + Early Swvl investors eye Africa SPAC"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Nasdaq enters correction as Wall Street sell-off continues:<\/strong> The sell-off in US tech stocks continued yesterday, leaving the Nasdaq down 10.7% from its November peak and officially putting it in correction territory. The tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in anticipation of rising interest rates. The other benchmark indexes didn\u2019t fare much better, with the S&P 500 and the Dow Jones both losing 1.0%. The story is on all the front pages of the business press this morning: <a href=\"https:\/\/www.reuters.com\/business\/futures-gain-unitedhealth-bofa-rise-results-2022-01-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/01\/18\/stock-market-futures-open-to-close-news.html\">CNBC<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-18\/stocks-set-to-extend-drop-amid-higher-bond-yields-markets-wrap?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-01-19-2022-11642581538\">Wall Street Journal<\/a>.<\/p>\n<p><strong>Shares in Asia are mostly in the black this morning<\/strong>, with indexes in China, Hong Kong, Japan and South Korea all seeing strong gains. Shares in the US and Europe are currently on course to rebound from yesterday\u2019s sell-off, according to the futures markets.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>SPACs for Africa:<\/strong> Two of Swvl\u2019s early investors are hoping to repeat the ride-hailing firm\u2019s success in merging with a blank check firm last year by setting up a SPAC of their own targeting startups on the continent. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-19\/angel-investors-plan-blank-check-firm-targeting-african-startups?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Goldman who?<\/strong> <a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_b6af6691b4ac08762ec9549f4bdf96ce\/bankofamerica\/db\/806\/9527\/earnings_release\/The+Press+Release.pdf\">Bank of America (pdf)<\/a> and <a href=\"https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/en\/about-us-ir\/shareholder\/4q2021.pdf\">Morgan Stanley (pdf)<\/a> both posted strong 4Q earnings yesterday, ending a so-so earnings season for America\u2019s biggest banks which saw <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4359591-7c38-466d-a5fd-6bc11073d6c5\">Goldman Sachs<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0491cca-a488-4429-aba8-f65182f00f79\">Citigroup<\/a> and JPMorgan post weaker than expected quarterly earnings.<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,715<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,260<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,613<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: +1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,169<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -0.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,532<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,590<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 87.72<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.03<\/p>\n<\/td>\n<td>\n<p>-5.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,843<\/p>\n<\/td>\n<td>\n<p>+1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 41,987<\/p>\n<\/td>\n<td>\n<p>-1.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 1.4% yesterday<\/strong> on turnover of EGP 724 mn (37.5% below the 90-day average). Local investors were net buyers. The index is down 2.0% YTD.<\/p>\n<p><strong>In the green: <\/strong>TMG Holding (+1.0%) and Orascom Development Egypt (+0.4%).<\/p>\n<p><strong>In the red: <\/strong>MM Group (-4.4%), CIRA (-4.3%) and Rameda (-2.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nasdaq enters correction as Wall Street sell-off continues: The sell-off in US tech stocks continued yesterday, leaving the Nasdaq down 10.7% from its November peak and officially putting it in correction territory. The tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in anticipation of rising interest rates. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[510,509,204,72,119,260,262,508,122,439,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542872","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-african-startups","tag-bank-of-america","tag-banking","tag-enterpriseam","tag-financial-markets","tag-goldman-sachs","tag-jpmorgan","tag-morgan-stanley","tag-planet-finance","tag-spacs","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"aa8eed1c-45e7-4a5b-8706-2a00c1bbe5a1","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542853],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nasdaq falls into correction as tech exit continues + Early Swvl investors eye Africa SPAC - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nasdaq falls into correction as tech exit continues + Early Swvl investors eye Africa SPAC\" \/>\n<meta property=\"og:description\" content=\"Nasdaq enters correction as Wall Street sell-off continues: The sell-off in US tech stocks continued yesterday, leaving the Nasdaq down 10.7% from its November peak and officially putting it in correction territory. 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The tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in anticipation of rising interest rates. 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The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC Queen\u2019s Gambit Growth Capital by the\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544617,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/another-week-of-losses-for-us-stocks-but-is-a-bit-of-good-news-on-the-horizon\/","url_meta":{"origin":542872,"position":1},"title":"Another week of losses for US stocks, but is a bit of good news on the horizon?","author":"enterpriseam admin","date":"13 March 2022","format":false,"excerpt":"Stocks finished the week on a low after days of wild swings on the back of contradictory developments in Russia\u2019s war on Ukraine, the Wall Street Journal writes. The S&P 500 closed down 2.9% for the week on Friday, while the tech-heavy Nasdaq dropped 3.5% \u2014 marking the fourth weekly\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545023,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/","url_meta":{"origin":542872,"position":2},"title":"Swvl to debut on the Nasdaq today after SPAC merger approved","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Swvl is making its landmark Nasdaq debut today: Shares in Egypt-born, UAE-based mass transit app Swvl will start trading on the Nasdaq today, Swvl CFO Youssef Salem confirmed to Enterprise, after shareholders in its SPAC Queen\u2019s Gambit Growth Capital approved the move in a general assembly meeting yesterday. 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