Jim Cramer at standing in front of the NYSE, June 30, 2022.
Virginia Sherwood | CNBC
In the old days, we would go this low in tech and it would trigger a giant rally. Maybe the catalyst was a takeover. Maybe it was the recognition that these stocks had all become too cheap. Or we would hear that some gigantic technology fund had blown up, the selling was over, and now it was time to swoop in and buy.
This time we have no catalyst. On Friday, the tech-heavy Nasdaq Composite fell nearly 4% in a broad-based sell-off on Wall Street. The stocks, as we say, want to go down. The tech names have somehow become the most sensitive to the dollar and to the alleged slowdown in the internet.