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Media & Tech Stocks Drubbed, Nasdaq Sees Worst Session In Two Years As Markets Fall
Media stocks joined tech in a downward spiral today as hopes of lower interest rates gave way to a broader malaise.
Investors have been rotating out of tech and into more value and interest-rate sensitive stocks since the last Fed meeting when chief Jerome Powell indicated lower rates are coming soon. Tesla stock tumbled today after its quarterly earnings plunged and was one of the market’s biggest losers, falling more than 12%. As Yahoo Finance put it, there’s fear that Big Tech’s power to fuel market gains may be fading.
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