As U.S. technology shares stumble, investors are debating whether the decline is an opportunity to scoop up bargains or a sign of more pain to come for stocks that have led markets higher for years. The Nasdaq Composite, an index heavily populated by tech and growth names, has slumped 8.3% since its Feb 12 closing record, over three times the decline for the S&P 500. Drops in popular growth stocks have been even steeper, with Tesla shares off 27% and Peloton down 32%.
Investors got a reprieve on Friday, and it'll give them one last chance to get a key thing done.
The tech selloff has gotten ugly. The stocks that led last year’s rally are getting hammered, pressured by rising interest rates. Since hitting an all-time high on Feb. 12, the Nasdaq Composite is down 8.3% in just three weeks.