More sharp declines in Big Tech stocks sent the Nasdaq composite down 4% Tuesday, the worst drop for the tech-heavy index since September 2020.
The Nasdaq is now down 20% so far this year as investors shun the ultra-pricey tech sector, which had made gangbuster gains for much of the pandemic.
With interest rates set to rise as the Federal Reserve steps up its inflation fight, traders are less and less willing to pay the lofty prices they had been paying for Microsoft, Facebook's parent company and other tech giants.
The S&P 500 fell 2.8% and the Dow Jones industrials lost 2.4%.
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