There have been some changes in the market. The irrational exuberance that has long characterized the movement of tech stocks in the stock market has given way to muted anxiety. “The party’s over, we feel like we’re back to reality,” said Jacques-Aurelian Marciereau, manager of a fund specializing in technology stocks at Edmond de Rothschild AM. Wall Street’s chaotic collapse brings back bad memories for market veterans, from the bursting of the Internet bubble.
At the time, the losses were concentrated in technology: The Nasdaq 100, which includes the largest technology companies listed on Wall Street, has fallen more than 25% since setting a record on Nov. 19. Thus the capital equivalent of over $5,000 billion went up in smoke, more than during the 2000 crisis.