Why Technology Stocks Plunged on Monday

High-growth technology stocks are having a terrible day on Monday with, some down over 20%. President Joe Biden announced he will nominate Jerome Powell for his second term as chair of the Federal Reserve and some parts of the market are reacting extremely quickly. 

Asana (NYSE: ASAN) was one of the biggest movers early on Monday, falling as much as 22.7% and trading 18.4% lower at 3:15 p.m. ET. Cloudflare (NYSE: NET) also dropped 12% and is currently trading 9% lower, while Fiverr International (NYSE: FVRR) was down 10% and is now down 7.7% for the day. 

Image source: Getty Images.

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Source Fool.com