Can The Tech Selloff Continue?

I spent a fair amount of time in recent days editorializing around the burgeoning tech "selloff" on Wall Street. Note the scare quotes. "Selloff" is a highly relative term. The Nasdaq 100 did have its worst week in months and one of its worst weeks of 2024, but a 4% pullback hardly counts as a proper "selloff," particularly in the context of a monumental rally that saw the index climb ~45% since the October lows. As the simple figure shows, meaningful weekly declines are a rarity this year.