The Dow Sinks. A Tech Selloff Is On.

Apple, Tesla, and Nvidia were all sinking after investors let their fear of more Fed rate hikes get the best of them.

The Dow Jones Industrial Average was off more than 300 points—0.9%.

Shares of Apple was the Dow’s worst performer, subtracting 39 points from the index and falling 3% to $183.76. The drop comes after seven straight days of gains for the iPhone maker.

Other mega-cap tech names were dragging down on the major indexes, too. EV pioneer Tesla fell 3.2% and AI leader Nvidia tumbled 3.5%.

High interest rates put pressure on growth stocks, like tech stocks. These rates reduce the value of future cash flows.

Despite the daily drop, the stocks are still winners for the year. Apple has surged 41% and Tesla has soared 102%. Nvidia is up a whopping 220%.

You must be logged in to post a comment Login