$Apple (AAPL.US)$ This price action today is hardly surprisi...

$Apple(AAPL.US)$ This price action today is hardly surprising. After all, most investors expected to see a more hawkish tone coming from these minutes. And as most investors know, rising interest rates are generally bad news for tech stocks. That’s because growth companies with higher-than-average top-line growth rates tend to have future earnings discounted to a greater degree in a rising rate environment. Valuation compression can be a big negative for highly valued companies.