Tesla bucked the trend after the company said this weekend that it delivered 241,300 electric vehicles during the third quarter, well above analysts estimates.
"At these extremely lofty valuations stock prices are very sensitive to modest changes in incremental capital flows and it appears that there is some 'performance chasing' going on as the energy space is attracting capital which is trying to make it look like they had exposure to oil & gas and that means less money flowing into tech," said Mark Yusko, Morgan Creek Capital Management CEO and chief investment officer.
The market rebound followed a rough September plagued by fears of inflation, Federal Reserve tapering and rising interest rates. The S&P 500 finished the month down 4.8%, breaking a seven-month winning streak. The Dow and the Nasdaq Composite fell 4.3% and 5.3%, respectively, suffering their worst months of the year.
"Curiously, investor worries about COVID-19 and its variant seem to have begun to play a lesser day-to-day 'worry role' in the markets of late than over the course of the summer," he added.
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