The Nasdaq 100 index is on pace to erase more than US$1 trillion in market capitalization on Tuesday, marking a sharp acceleration in the technology sector's downturn.
The broad-based selloff is dragging down chip stocks and other high-growth names, reflecting intensifying investor anxiety over the macroeconomic outlook.
The Nasdaq Composite plunged 5% in late trading, marking its steepest single-session decline in months.
The Nasdaq Composite plunged 5% in late trading, marking its steepest single-session decline in months.
This move underscores a significant repricing of risk, as traders digest the possibility that central banks may maintain elevated interest rates for longer than previously anticipated.
The selling pressure has been particularly acute in growth-oriented segments, where valuation multiples are most sensitive to discount rate changes.
SpaceX, the private aerospace company founded by Elon Musk, has emerged as a focal point of the liquidations, continuing a dramatic correction in its valuation.