Stocks had their worst day of the year today — led by a sell-off in areas of the economy that boomed during the pandemic, Axios Closer co-author Hope King reports.

• Big Tech — namely Apple — had a huge impact on the losses, as did Facebook parent company Meta, Amazon, Netflix, Google and Microsoft. 
• E-commerce giants Etsy, eBay and Shopify spooked investors too when they cautioned growth would be slowing.
• "Roughly four in every 10 companies on the Nasdaq Composite Index have seen their market values cut in half from their 52-week highs," Bloomberg reports.

Between the lines: Supporting factors of last year’s stability, including the expectation that stay-at-home trends would continue, are gone now.

• So is easy money, with rates headed up.

Zoom out: Investment strategies have moved from "get rich quick" to "get rich slowly," Axios Capital author Felix Salmon reports.

• Retail investors aren't panicking and pulling their funds out of the market. They're just less enthusiastic about meme stocks and NFTs.
• Value investors are waking up: Berkshire Hathaway spent $51 billion buying stocks in the first quarter.

It's now harder than ever to move from one home to another with the same value, Felix reports.

Between the lines: Not only will the new mortgage cost you a lot more than you're currently paying, but the proportion of homes being sold for cash is at the highest level we've seen since the post-crisis years.

Karine Jean-Pierre will replace Jen Psaki as White House press secretary when Psaki leaves the job May 13, President Biden announced today.

• Jean-Pierre is currently the deputy press secretary and is a longtime Biden adviser.

Jean-Pierre will be the first Black woman and first openly LGBTQ+ woman to hold the position.

The goggle-wearing Minions are expanding their sizable empire with "Minions: Rise of Gru," in theaters July 1, AP reports.

• The "Despicable Me" franchise (a fourth is due in 2024) and its "Minions" spinoffs already rank as the highest-grossing animated film franchise ever, with more than $3.7 billion in tickets sold worldwide.

That's a big reason why "Rise of Gru" (voiced by Steve Carell) was held back by Universal Pictures for the last two years during the pandemic.

• The Minions — a second-banana, scene-stealing horde of mostly incompetent but fiercely loyal henchmen — have in 12 years become a formidable force and a ubiquitous cultural presence.

The filmmakers tried to channel the spirit of the Jawas in "Star Wars" or the Oompa Loompas in "Willy Wonka & the Chocolate Factory."

• Watch the trailer.