Facebook’s faceplant on Wall Street could be just the beginning for some tech stocks

The meltdown in highflying technology stocks like Facebook is just the start of the financial changes that will probably result from the Federal Reserve’s decision to end a prolonged era of free money and make borrowing more expensive.

With the Fed signaling that higher interest rates are coming next month, investors have begun shedding some of their priciest stocks in favor of bets on companies poised to prosper as the economy adjusts.

The Fed over the past two years helped insulate the U.S. economy from the worst effects of the pandemic by...