Tech and Growth Stocks Underperform as Alphabet and Meta Lead Declines

Several high-profile technology and growth stocks faced significant selling pressure during the trading session on March 24, 2026, underperforming the broader market. Alphabet (GOOGL) led the retreat among mega-cap firms, with its shares falling 3.85% to close at $290.44, while Meta Platforms (META) dropped 1.84% to $592.92. In the specialized tech segment, Cadence Design Systems (CDNS) fell 2.8%, and Upstart Holdings (UPST) saw a sharper plunge of 4.69%. Adding to the sector's woes, Kyndryl Holdings (KD) shares fell 4.56% to close at $12.36, further underperforming the general market. This broad-based underperformance suggests a shift in investor sentiment away from high-growth equities toward more defensive sectors. Analysts note that the simultaneous drop in both mega-cap and specialized tech stocks could signal increased volatility for growth-oriented ETFs like QQQ.

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