This was what you call an ugly day in the markets. Tech stocks sold off across the board, thanks to rising expectations that the Federal Reserve will raise interest rates. SpaceX stock fell nearly 5%, dragging it back below Amazon in market capitalization. But SpaceX, at least, is coming off a big rally. Software stocks such as Microsoft, Salesforce and ServiceNow also tumbled between 4% and 5%—and they’ve already been under severe pressure.