Investors saw a rapid rise in bond yields, which move inversely to prices, over the past few weeks. As rates jumped, tech shares traded lower.
That came as Wall Street also expected strong economic recovery as some pandemic restrictions are lifted and vaccines continue to roll out, so they poured into more cyclical stocks. There was also the fear that pandemic recovery could lead to, which may hit tech stocks especially hard as they've been relying on easy borrowing for superior growth.
Tech shares hinted toward recovery in the premarket Tuesday as bond yields stabilized, leading investors to buy into the dip. However, the early rise in share prices Tuesday didn't completely recoup some of the losses. CNBC compiled a list of some of the notable tech companies that have shed more than 20% this year as of Tuesday morning:
was among the biggest shedders, down more than 39% for the year. The company's stock was up 2.5% in the premarket. The enterprise artificial intelligence company recently released its first earnings report as a public company, disappointing investors.
Just want the profits nothing else
JForma Splunk sucks. They should be down even more.
Lets get that to 40%