Down 37% in This Bear Market, Can Qualcomm Recover in 2023?
Shares of Qualcomm (NASDAQ: QCOM) are down 37.2% since the S&P 500 index peaked on Jan. 3, 2022, according to data from S&P Global Market Intelligence. The semiconductor giant's downtrend was quite relentless, as the stock price fell in nine of last year's 12 months.
With steady growth across the board and robust earnings reports all year long, Qualcomm didn't inspire this dramatic drawdown on its own. Instead, investors included this stock in the category of "high-risk growth stocks" as they reacted to macroeconomic challenges in 2022.
You know the story of inflation concerns weighing on the stock market last year, and how the inflation-fighting increases of federal interest rates drove stocks even lower. Long-term medicine can hurt worse than short-term illness sometimes. Combined, these market-cutting economic trends weighed heavier on high-octane growth stocks with higher risks of ownership.
Source Fool.com
