There is a popular tech stock wash Monday. When Palantir, Nvidia, Rigetti Computing fail

Tech stocks popular with retail investors fell on Monday as investors cashed in on their 2024 winners and dumped more speculative names in an environment of rising interest rates.

Nivea Decreased by 2%. Palantr 4% down, quantum computing wins It eliminates the calculation It dropped to 33%. Last year’s Nasdaq winner Aplovin Also sold about 1.5%.

The sell-off comes on rising bond yields, with the 10-year Treasury yield on Monday at It is touching the highest level since the end of 2023. A strong jobs report on Friday cast doubt on whether the Federal Reserve will continue to cut interest rates this year.

“While tech stocks made big gains last year when interest rates were cut, both Wall Street and Main Street remain highly skeptical of further Fed rate cuts,” said Greg Bassuk, CEO of AXS Investments.

Monday’s moves follow a week of losses for several key tech and quantum computing names, with Truist’s Keith Lerner suggesting that leaders may eventually fall into a correction phase. Overall market growth is “still intact” but resetting, the investment chief said.

“In our view, it’s an important part of the correction process and we’re in this correction longer than most investors realize,” Lerner said.

Other popular technology stocks also fell on Monday Micron Technology 4% reduction. The decline in the semiconductor sector comes as the US government imposes further restrictions on AI chip exports.

Shares of quantum computing, which got a boost from last year’s positive Alphabet chip announcement, also fell. D-Wave 33% decrease. IonQ 15% off. The sale comes in response to comments from Meta CEO Mark Zuckerberg and Nvidia CEO Jensen Huang last week suggesting that meaningful quantum computers are decades away.