Media stocks, like tech companies, were in a tailspin today as hopes for lower interest rates, which had kept them relatively bullish compared to tech companies, seemed to give way to a broader malaise.

Investors have been exiting tech companies and moving into more value- and interest-rate-sensitive stocks since the last Fed meeting, when chief Jerome Powell signaled that lower rates would come soon. Alphabet’s tepid gains after the market closed yesterday didn’t help matters, exacerbating the stock’s slide today, with Google’s parent company down 5%. Tesla shares tumbled today after quarterly earnings tumbled and were among the market’s biggest losers, down more than 12%.

Amazon, Apple, Meta, Roku and Snap closed in the red. As Yahoo Finance put it, there are fears that Big Tech’s power to drive market gains is waning. In total, it said, the Magnificent 7 tech stocks lost more than $750 billion in market capitalization on Wednesday. That’s the most ever for the new powerhouse of Microsoft, Apple, Tesla, Amazon, Meta, Alphabet and Nvidia.

The tech index Nasdaq had its worst day since October 2022.