Tech Stocks
-
Tech Megacaps Lose $770 Billion in Value, Dragging Nasdaq to Biggest Drop Since April
A sharp tech stock sell-off caused the Nasdaq to plunge, wiping out $770 billion in market cap. Rising interest rates, inflation fears, and economic growth concerns fueled the downturn, impacting FAANG stocks, cloud computing firms, and semiconductor manufacturers. Analysts cite rising Treasury yields and a hawkish Federal Reserve as key catalysts. While long-term tech fundamentals remain strong, macroeconomic uncertainty and supply chain issues persist, leaving the sector’s near-term outlook uncertain. Upcoming earnings season and Fed policy will be crucial.