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The Daily Crunch: Tech stocks hammered after US Treasury Secretary speculates on hiking interest rates

[unable to retrieve full-text content]The tech-heavy Nasdaq fell by more than 2%. Cloud stocks endured twice the damage. What happened? The U.S. government said that it might raise interest rates. So what? Well, when rates were low, lots of money that might have been invested elsewhere was instead funneled into tech stocks and VC funds that invest in startups.

source: TechCrunch