Here’s The Wall Street Journal on the same theme, from yesterday: Stocks dropped again on Tuesday as tech shares continued to tumble in the face of higher interest rates and a rotation into stocks more linked to the economic comeback. Here’s CNBC from earlier today on what’s changing: If the changed weather persists until the very investment climate that tech stocks exist in reaches a new equilibrium, we could see the appetite for tech IPOs lessen, late-stage private valuations for startup shares dip, and more. The result is that the landscape of value is shifting the winds that were at the back of every tech company are receding, at least for now. And as COVID-19 vaccines roll out, some investors are pushing their stock-market bets into categories other than tech. As some yields rise, bonds are become more attractive bets. Namely that the money-is-cheap-and-bond-yield-is-garbage-so-everyone-is-putting-money-into-stocks trade is losing steam. But there is a rising narrative that you should consider. What’s driving the rapid turnaround in the value of tech companies, tech-focused indices and tech-adjacents, like cryptocurrencies? Not merely one thing, of course, in an environment as complex as the world’s capital markets. Hell, even bitcoin has taken a pounding in the last few days, after its recent, relentless rise. And the now-infamous $ARKK, or ARK Innovation ETF that many investors have used as a proxy for growthy tech stocks, is off 6.6% today after falling 5.9% yesterday. Bessemer’s cloud index is off 4.5% today, after falling over 5% yesterday. There are other ways to measure the selloff. Apple stock is worth $122.02 per share, down from its recent highs of more than $145.Īfter a long period of time when it felt like tech stocks only went up, the recent correction is starting to feel material. Shares of Tesla are off more than 6% today, now mired in a bear-market correction after reaching new all-time highs earlier this year. This morning the tech-heavy Nasdaq Composite index is off 2.34% after falling yesterday.
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