The S&P 500 is down 1.0%, weighed heavily by sharp losses in the mega-caps like Apple (AAPL 128.28, -4.24, -3.2%), Alphabet (GOOG 2341.09, -54.08, -2.3%), Facebook (FB 315.84, -6.75, -2.1%), and Tesla (TSLA 666.59, -18.72, -2.7%). More generally, growth stocks are underperforming, as the iShares Russell 1000 Growth ETF (IWF 254.77, -4.07, -1.6%) trades lower by 1.6%. While some are blaming inflation worries for the weakness, the Treasury market isn't on the same page as the 10-yr yield trades lower by five basis points to 1.56%. Simple profit-taking interest could be at play, but there is a lingering assumption among market participants that a dip will eventually be bought. Investors are first anticipating further downside, though, evidenced by the 12.5% increase in the CBOE Volatility Index (20.59), which is back above 20.00.