Data: FactSet; Chart: Axios Visuals
It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.
State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.
- The 8.6% decline for the month edges out the 8.57% drop experienced in January 2009.
- S&P 500 data goes back to 1929.
Between the lines: The sell-off has been even worse for the tech-heavy Nasdaq composite index.
- Big tech is also a major driver of the S&P 500. Apple, Alphabet, Microsoft and Tesla generated over 25% of the index's total return last year.
- Tech shares tend to get disproportionately dinged up when interest rates rise.
What's next: Big Tech earnings are on tap this week, and any surprises could add to the pressure on stocks — or provide relief. Microsoft released good numbers last night, and Tesla and Apple are on deck Wednesday and Thursday.
Go deeper: Investors reset their compass
