I have a run of internal meetings starting in 15 minutes, so we have to be quick, but tech stocks are taking body blows yet again today. A selloff earlier in the week had us taking note. Today cements our raised eyebrows.
And when we say tech shares are under attack, we are not only pointing out that DocuSign has lost more than 40% of its worth thus far today, or that the Nasdaq Composite is off 2.5%. SaaS and cloud stocks are off 6.5% today after declines earlier in the week. They are now in a technical bear market. That matters!
Yes, things could snap right back. But they may not. The first inning of a correction, or just another blip?
Keep an eye out.