This morning the tech-heavy Nasdaq Composite Index fell 2.34% after falling yesterday. Tesla stocks are down more than 6% today and are now in a bear market correction after hitting new all-time highs earlier this year. Apple stock is valued at $ 122.02 per share, compared to recent highs of more than $ 145.
After a long period of feeling like technology stocks have just risen, the recent correction is starting to feel substantial.
There are other ways to measure the sell-off. Bessemer’s cloud index is down 4.5% today after falling over 5% yesterday. And the now infamous $ ARKK, or ARK Innovation ETF, which many investors have used as a proxy for high-growth tech stocks, is down 6.6% today, after falling 5.9% yesterday.
Hell, even Bitcoin has taken a hit in the last few days after its recent, relentless rise.
What is driving the rapid turnaround of tech companies, tech-focused indices and tech adjacencies like cryptocurrencies? Not only one …