The sell-off in global stocks has come back, disturbing markets from the U.S. to Asia. Declines have exceeded more than 10% since January’s highs. China, where retail investors dominate, got hit particularly hard Friday. Volatility has returned. After lying asleep for months, the VIX, Wall Street's volatility index, has roared back to life. Equity traders have yet to get comfortable with a jump up in benchmark U.S. 10-year yields to their highest in four years, and worries over the unwinding of bets against volatility in stocks which continue to cast a shadow over markets. The biggest hit was seen on the technology sector even with positive earnings reported for the past quarter. The top five tech companies in the US have lost $437 billion in market cap during yesterday’s selloff. The combined market value of Apple, Alphabet, Microsoft, Amazon and Facebook is down $437 billion, as measured by the decline from each of the stock's respective 52-week highs — all of which occurred on or after January 18 of this year — from closing to closing, according to FactSet. Now, the stock market is not the economy. The economy is doing well. But investors are in fact adjusting to very real changes in economic conditions. It’s a world that’s growing faster but with more risk.