Market Caution Takes Hold as Tech Stocks Fall: Teladoc and Netflix Shares Decline

Shares of Teladoc and Netflix fell 3.3% and 3.2%, respectively, as the market reacted to a stronger-than-expected jobs report, reducing the implied odds of a December interest rate cut to less than 40%. The sell-off reflects a deepening caution regarding high-flying tech valuations in a "higher-for-longer" rate environment. Investors are rotating capital away from volatile growth sectors and toward defensive staples, evidenced by Walmart's 6% gain following its earnings beat.