Valleywag
Why are the tech stocks in your portfolio tanking? Apple, Microsoft and Intel all took significant hits today. In case you missed the news because of the MLK holiday, the world's stock markets were in the tank yesterday. On Tuesday, Japan's Nikkei index fell 5.7 percent, on top of an almost 3 percent drop Monday, the biggest two-day decline since April 1990. The Hang Seng index in Hong Kong has shed 11 percent in the same period. Other world markets have fared similarly. This morning, the Federal Reserve, in an emergency measure, cut the federal funds rate by 0.75 percent to 3.5 percent, the largest cut since 1990.
Even with the cut, U.S. markets are not faring well. The Dow was off more than 450 points this morning, before making much of it back by midday. None of this is likely to change the prospects for getting funding for your startup, but it's guaranteed to make the VCs you meet with grumpy. (Photo by AP/Katsumi Kasahara)
