Financial markets dive as tech stocks slump and recession fears mount

High-tech companies have been leading the market lower all month as traders shun the high-flying sector. Tech had posted gigantic gains during the pandemic and now is starting to look overpriced, particularly with interest rates set to rise sharply as the Fed steps up its fight against inflation. Investors spent much of April shifting money away from Big Tech companies, whose stock values benefit from low interest rates, to areas considered less risky.

"This has become a classic trader's market as spikes in volatility and increasingly bearish headlines reverberate," Quincy Krosby, chief equity strategist for LPL Financial, said in a note Friday.

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