Tech stocks just had their worst two-week stretch since the start of the pandemic

What started disconnected arsenic a third-quarter rebound has turned into a flop for tech investors.

The Nasdaq tumbled 5.1% this week aft losing 5.5% the anterior week. That marks the worst two-week agelong for the tech-heavy scale since it plunged much than 20% successful March 2020, the commencement of the Covid-19 pandemic successful the U.S.

With the 3rd 4th acceptable to wrapper up adjacent week, the Nasdaq is poised to notch losses for a 3rd consecutive 4th unless it tin erase what's present a 1.5% diminution implicit the last 5 trading days of the period.

Investors person been dumping tech stocks since precocious 2021, betting that rising ostentation and accrued involvement rates would person an outsized interaction connected the companies that rallied the astir during roar times. The Nasdaq present sits narrowly supra its two-year debased from June.

Hammering the markets this week was continued enactment by the Fed, which connected Wednesday raised benchmark involvement rates by different three-quarters of a percent constituent and indicated it volition support hiking good supra the existent level arsenic it tries to bring down ostentation from its highest levels since the aboriginal 1980s. The cardinal slope took its national funds complaint up to a scope of 3%-3.25%, the highest it's been since aboriginal 2008, pursuing the 3rd consecutive 0.75 percent constituent move.

Meanwhile, arsenic rising rates person pushed the 10-year treasury output to its highest successful 11 years, the dollar has been strengthening. That makes U.S. products much costly successful different countries, hurting tech companies that are dense connected exports.

"This is simply a one-two punch connected tech," Jack Ablin, Cresset Capital's main concern officer, told CNBC's "TehcCheck" connected Friday. "The beardown dollar doesn't assistance tech. High 10-year treasury yields don't assistance tech."

Among the radical of mega-cap companies, Amazon had the worst week, dropping adjacent to 8%. Google genitor Alphabet and Facebook genitor Meta each slid by astir 4%. All 3 companies are successful the midst of outgo cuts oregon hiring freezes, arsenic they reckon with immoderate operation of weakening user demand, tepid advertisement spending and inflationary unit connected wages and products.

As CNBC reported connected Friday, Alphabet CEO Sundar Pichai faced heated questions from employees astatine an all-hands gathering this week. Staffers expressed interest astir outgo cuts and caller comments from Pichai regarding the request to amended productivity by 20%.

Tech net play is astir a period away, and maturation expectations are muted. Alphabet is expected to study single-digit gross enlargement aft increasing much than 40% a twelvemonth earlier, portion Meta is looking astatine a 2nd consecutive 4th of declining sales. Apple's maturation is expected to travel successful astatine conscionable implicit 6%. Expectations for Amazon and Microsoft are higher, astatine astir 10% and 16%, respectively.

The latest week was peculiarly unsmooth for immoderate companies successful the sharing economy. Airbnb, Uber, Lyft and DoorDash each suffered drops of betwixt 12% and 14%. In the unreality bundle market, which soared successful caller years earlier plunging successful 2022, immoderate of the steepest declines were successful shares of GitLab (-16%), Bill.com (-15%), Asana (-14%) and Confluent (-13%).

Cloud elephantine Salesforce held its yearly Dreamforce league this week successful San Francisco. During the information of the league targeted astatine fiscal metrics, the institution announced a new long-range profitability goal that showed its determination to run much efficiently.

Salesforce is aiming for a 25% adjusted operating margin, including aboriginal acquisitions, CFO Amy Weaver said. That's up from the 20% people Salesforce announced a twelvemonth ago for its 2023 fiscal year. The institution is trying to propulsion down income and selling arsenic a percent of revenue, successful portion done much self-serve efforts and done improving productivity for salespeople.

Salesforce shares fell 3% for the week and are down 42% for the year.

"There's truthful galore things happening successful the market," co-CEO Marc Benioff told CNBC's Jim Cramer successful an interrogation astatine Dreamforce. "Between currencies and the recession oregon the pandemic. All of these things that you're benignant of navigating galore forces."

WATCH: Jim Cramer's interrogation with Marc Benioff astatine Dreamforce