The technology industry has been bearing the brunt of the Fed’s aggressive interest rate hikes this year. Concerns over rising borrowing costs and slowing demand have led to tech stocks witnessing massive sell-off since the beginning of the year. The tech-heavy Nasdaq has lost close to 30% year-to-date.
The latest disappointing third-quarter earnings and weak guidance from big tech companies added to the pressure on tech stocks. Except for Apple (AAPL), all tech giants disappointed investors with weak results and dreary guidance last week.
