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. The other benchmark indexes didn’t 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: Reuters | CNBC | Bloomberg | Wall Street Journal.

Shares in Asia are mostly in the black this morning, 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’s sell-off, according to the futures markets.

Also worth noting:

• SPACs for Africa: Two of Swvl’s early investors are hoping to repeat the ride-hailing firm’s success in merging with a blank check firm last year by setting up a SPAC of their own targeting startups on the continent. (Bloomberg)
• Goldman who? Bank of America (pdf) and Morgan Stanley (pdf) both posted strong 4Q earnings yesterday, ending a so-so earnings season for America’s biggest banks which saw Goldman Sachs, Citigroup and JPMorgan post weaker than expected quarterly earnings.

THE CLOSING BELL-

The EGX30 fell 1.4% yesterday 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.

In the green: TMG Holding (+1.0%) and Orascom Development Egypt (+0.4%).

In the red: MM Group (-4.4%), CIRA (-4.3%) and Rameda (-2.9%).