S&P 500 Slides as Tech Bloodbath Continues

• The S&P 500 slumped Monday, paced by a selloff in tech at a time when investors are fretting about rising inflation and slowing growth. The S&P 500 fell 1.3%, the Dow Jones Industrial Average slipped 1.1% or 385 points, the Nasdaq was down 2.4%. 
• Facebook, down nearly 6%, led the slump in tech after a Facebook whistle-blower named Frances Haugen alleged that the social media company prioritizes profit over the wellbeing of its users. The news brought the regulatory spotlight back onto the social media companies, with Twitter and Snap falling more than 6%. 
• The selloff in tech was exacerbated by a further malaise in sentiment on growth stocks as investors price in higher rates and inflation. Growth stocks like tech, with high valuations, tend to have cash flow that extends further out into the future, which is unattractive in an inflationary environment.

(Source: Investing.com)