High-growth technology stocks are having a terrible day on Monday with, some down over 20%. President Joe Biden announced he will nominate Jerome Powell for his second term as chair of the Federal Reserve and some parts of the market are reacting extremely quickly.
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The headline news is rising interest rates. It’s widely believed that Powell continuing to head the Federal Reserve means short-term interest rates will move higher sometime in 2022, which traders of long-term bonds are getting ahead of.
The reason these three stocks are reacting so violently is because they’re all highly valued by any measure. You can see below that Cloudflare’s price-to-sales ratio is over 100 while Asana and Fiverr are both well above the S&P 500’s average price-to-sales ratio of 3.2 times.
There’s nothing fundamentally wrong with any of these companies today and that’s what we should remember as investors. The market is just pricing the future cash flows expected from each stock to be lower, which has a dramatic impact on a stock if most cash flow is expected many years in the future.
Stock market news live updates: Stocks mixed, Nasdaq pulls back after Biden nominates Powell for Federal Reserve chair