Why High-Growth Tech Stocks Are Falling Today
Many tech stocks got a haircut on Tuesday as Wall Street turned away from seemingly risky investments in favor of more sensible value plays. Any ticker with a recent history of market-beating returns was fair game for a sharp correction, including many popular investments in the technology sector.
As of 2:35 p.m, EDT, database specialist MongoDB (NASDAQ: MDB) had fallen as much as 4.8%. E-commerce technologist Shopify (NYSE: SHOP) dipped 5.9% lower at most. Data-warehousing expert Snowflake (NYSE: SNOW) bounced back from a 5.5% nadir, and media-streaming veteran Roku (NASDAQ: ROKU) found support after a 4.5% fall. Even mighty Apple (NASDAQ: AAPL) suffered a maximum drop of 2.5%.
Together, the lowest points for this group of five stocks added up to $80.6 billion of lost market value today. The funny thing is, none of these fantastic companies did anything wrong. They were punished as a group for the debatable offense of delivering strong returns to shareholders in recent months.
Source Fool.com
