Big technology stocks are in the midst of their biggest rout in more than a decade. Some investors, haunted by the 2000 dot-com bust, are bracing for bigger losses ahead. 

The S&P 500’s information-technology sector has dropped 19% in 2022 through Tuesday, its worst start to a year since 2002. Its gap with the broader S&P 500, which is down 13%, is the largest since 2004. The declines have prompted investors to yank a record $7.6 billion this year from technology-focused mutual and exchange-traded funds through April, according to Morningstar Direct data going back to 1993.