The NASDAQ track could get a lot worse

America’s giant tech monopolies have taken US stock market capitalization to dreamland proportions, and are waking up with a hangover as the era of easy money comes to an end.

Federal Reserve generosity drove stock valuations in the form of lower real interest rates, driving investment flows from bonds into stocks. The inflation that followed forced the Fed to tighten, and toppled the faltering stock market.

The Nasdaq 100 as of the April 29 close had lost more than 22% since December 28, when I asked, “Can tech stocks survive the Fed’s tapering?” I warned that technology stocks

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