If you’re just looking at broader markets these days, things seem kind of quiet. Markets have been slipping a little bit, but nothing too special.
But actually, there’s been a lot of pain in a specific area: high beta and tech.
This tweet from Sammy The Walrus captures a lot of it: “We have a mini tech stock crash going on. AMZN at 6-month lows. Down 12% in a week. GOOG down 6% in a week. Twitter down 14% in 3 days.”
Others have been getting hammered as well.
Facebook is down to $US59 from a high of $US72.
The Social Media ETF SOCL is down over 2.5% just today, and it’s down 17% from recent highs.
Tesla is down 21% from recent highs.
Then of course there’s the biotechs. The big biotech ETF IBB is down 15% from the highs.
You can read into this as much as you want. If there were to be a big selloff, then you might surmise that it would start with selling of these risky, speculative companies. Or it could just be a momentary pause.
But either way, this is the story to watch in market right now to see how it develops.
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