Why Futu and Up Fintech Led the Nasdaq Lower Friday

Wall Street didn't enjoy 2022 very much, and it was a particularly bad year for the Nasdaq Composite (NASDAQINDEX: ^IXIC). The index was down another 1% on Friday morning, bringing its losses for the year to 34% and marking a steep reversal from the massive gains the Nasdaq has enjoyed in each of the three previous years. There are plenty of culprits for the poor performance of the Nasdaq in the past year, but one fact about the index that differs from its fellow stock market benchmarks is that the Nasdaq Composite includes the performance of foreign companies that list their shares on the exchange.