Tech tremors! Can the overall market withstand this?

As goes mega-cap tech, as goes the US economy

These large mega cap companies aren't just secular growth stories they are so big that they are the US economy. The US economy is slowing as evidenced by PMIs, regional survey, Conference Board and housing data. And, as evidenced by the chart below, they were probably trading at too big valuation premium going into this. But maybe it does not matter that much from here. Up until this point the dominant factor influencing the price of equities has been rates...rates higher = multiples lower. If we get a reversal in rates (and that's a big IF of course) that will probably trump even trembles in tech earnings....