Just when it looked like the recent sell-off in growth stocks couldn’t get any worse, it did. Leave it to the stock market to always surprise investors — both on the upside and the downside.
Shares of growth stocks were slammed again this week as the tech-heavy Nasdaq Composite slid 2% on Wednesday and is down more than 1.2% as of this writing on Thursday. Many growth stocks slid 5 percentage points or more on Wednesday, with steep declines persisting today. This added to a big pullback for these stocks since mid-February. Investors have been doing some profit-taking on growth stocks following their significant outperformance last year and into the first month and a half of 2021.
But have some of these stocks fallen too far? Two growth stocks starting to look attractive after declining sharply are visual search and media platform Pinterest (NYSE: PINS) and identity management specialist Okta (NASDAQ: OKTA).