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.
IPO Edge and the Palm Beach Hedge Fund Association hosted a fireside chat with the CEOs of dMY Technology Group, Inc. IV (NYSE: DMYQ) and Planet Labs, Inc. to discuss their pending business combination, Planet’s unique earth scanning satellite constellation, data subscription business model, and massive TAM opportunity. The event featured dMY IV CEO Niccolo […]
The technology sector is composed of businesses that sell goods and services in electronics, software, computers, artificial intelligence (AI), and other industries related to information technology (IT). The sector includes companies with the largest market capitalizations in the world, such as Apple Inc. (AAPL), Microsoft Corp. (MSFT), and Amazon.com Inc. (AMZN). Tech stocks, represented by the Technology Select Sector SPDR Fund (XLK), have outperformed the broader market over the past year.