(Bloomberg) — With the worst start of a year in more than a decade and a $2.2 trillion wipeout in market value, the Nasdaq Composite Index couldn’t have had a messier kickoff to 2022.

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The tech-heavy benchmark has fallen 8.3% so far this year as of Wednesday’s close, and is on track for its worst January performance since 2008 when the global financial crisis roiled equity markets worldwide. The latest selloff is coming on the back of a surge in U.S. Treasury yields, making pricier stocks less attractive.

High-growth technology shares make up more than half of the Nasdaq’s 3,600-plus stocks and they are getting crushed as higher interest rates are set to eat away at valuations that are based on profits expected to be delivered far into the future.

The 2008 connection is also flashing red elsewhere. Bank of America Corp.’s January global fund manager survey showed that net allocation to the technology sector fell 20% month-over-month to the lowest since 2008.

Futures tracking the elite Nasdaq 100 Index bounced 0.9% higher on Thursday, a day after the index slid 1.1%. But a number of bearish signals have emerged recently, with the Nasdaq Composite entering correction territory on Wednesday.

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