Stocks were valued mainly pretty good when you consider interest rates. As rates go up then the expected return on stocks needs to change (we expect more return on them) so the prices fall. For instance, a dividend paying stock will see its price fall when interest rates increase because the dividend yield is a percentage of the stock price. When interest rates are low the yield can be low which means the price of the underlying stock is high. Until their profits catch up with the new reality the stock price will remain lower.

As for high flying tech (cloud, etc) - yeah, probably too much speculation there.