It was one of the wildest days of the year for the U.S. stock market with technology shares as the battleground. Big Tech took a big hit to start the day on concerns about rising inflation and high valuations. The selling eventually spread to the rest of the market as the day went on.
Earlier in the volatile session, higher-priced technology shares led the market losses and the selling spilled over to everything from bank stocks to energy and industrials. Now many tech shares recouped most of the decline. Amazon and Netflix both rose more than 1%. The growth-oriented ARK Innovation ETF gained more than 2%.
Investors bought the dip in tech shares amid the sharp sell-off this week. The group had briefly fallen out of favor earlier this year as fears of inflation and higher interest rates crept up. Growth-oriented companies, which were the biggest pandemic winners, tend to get hit hard by rising rates as they erode the value of their future earnings.that unnerved investors.
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