Among the worst off, growth-oriented tech names were taking a beating in light of the shift in risk sentiment.

“Tech stocks are being hit due to a slowing economy and people don’t want to pay a high price for an industry whose growth is probably slowing,” Ellison added.

The Federal Reserve last week decided not to hike benchmark interest rates this year after reassessing the U.S.’s growth outlook.

“We’ve become accustomed to the market greeting dovish central bank turns with a bounce. Not now. The market wonders: What if the Fed is seeing something that we are not?” Athey added.

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