What happened Shares of Cognizant Technology Solutions (NASDAQ: CTSH) were down 12.8% today at market close. The Nasdaq Composite Index was down 5% as investors assessed the Federal Reserve's decision to increase interest rates by 0.5% yesterday and indicated more such moves were possible in the coming months in an effort to fight inflation. Even after the recent sell-off, a slow-and-steady company like Cognizant isn't exactly cheap at 16 times expected 2022 adjusted earnings.