Tech stocks are suffering despite little change in the outlook, and the broader market is falling in their wake.
Tech stocks once again fell prey to selling pressure, as encouraging jobless data and the Fed failed to calm the jitters.
Investors seem at least a little concerned, as Peloton shares dipped briefly when Apple unveiled the offering. This week, Raymond James reiterated an outperform rating on Peloton shares following the company's first investor and analyst day, which incidentally took place at the exact same time as Apple's virtual product event. During the investor presentation, Peloton set a lofty goal of reaching 100 million subscribers in the years ahead.