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Big technology stocks are facing their biggest rout in more than a decade. The S&P 500's information-technology sector has dropped 20% so far this year.

Wall Street was downbeat last week due to rising rate worries, stagflation fears and geopolitical tensions.

The combination of factors has led to a steep sell-off in the growth sectors like technology, raising the appeal for inverse or inverse-leveraged ETFs.

Geopolitical tensions continue to linger along with concerns on how the Fed will handle rising inflation. Hence, Wall Street slumped on Friday to end a second straight week of losses.

The latest Fed minutes came across as pretty hawkish, which spurred rising rate concerns in the United States.

The technology sector was off to its worst start since the 2008 financial crisis due to inflationary pressure and Fed's hawkish tone.