Technology stocks have been crushed significantly, with the Fed aggressively increasing interest rates several times this year. Rising borrowing costs impacted tech companies’ financials adversely. The tech-heavy Nasdaq composite lost more than 30% year-to-date.
The widespread tech sell-off led to investors dumping high-growth stocks, such as Microsoft Corporation (MSFT), trading at premium valuations. MSFT has declined 29% year-to-date to close the last trading session at $237.53.
