Technology stocks in the USA have not been in the good graces of market participants in recent weeks. Take, for instance, the NASDAQ index, which has a heavy weighting (nearly half) toward companies in the technology sector. The index closed at a high of 14,095 this year on 12 February 2021, before falling by 10.5% to 12,609 on 8 March.
Many technology companies’ share prices fared far worse over the same period. E-signature specialist DocuSign’s (NASDAQ: DOCU) share price declined by 27%. Peloton (NASDAQ: PTON), which sells its eponymous internet-enabled indoor bikes, saw its share price fall 34%. Latin American e-commerce powerhouse MercadoLibre (NASDAQ: MELI), digital payments provider PayPal (NASDAQ: PYPL), and e-commerce enabler Shopify (NYSE: SHOP), were down by 30%, 24%, and 26%, respectively. Fiverr (NYSE: FVRR), which runs an online platform to connect freelancers with businesses looking for freelancing services, experienced a 39% drop in its share price....