A month ago, back when things made sense, Wall Street was convinced that when the rout came, high-priced technology stocks would lead the way down. That’s not how it’s playing out.
Internet and software stocks like Amazon.com Inc. and Netflix Inc. are instead the only companies providing anything approaching stability, amid the fastest 30% plunge ever recorded. Year to date, the Nasdaq 100 is down 20% compared with the S&P 500’s drop of 31%.
