Effective Stress Testing Scenario Identification

During a recent risk management review, an investment manager analyzed the potential vulnerabilities of their equity portfolio, which consists primarily of technology stocks. To assess the impact of extreme market movements on portfolio performance, the manager decides to conduct a stress test. The manager considers three different scenarios for the stress test:

1. A 30% drop in stock prices across the board.

2. A sharp increase in interest rates by 200 basis points.

3. A simultaneous 20% decline in the tech sector combined with a 50% drop in a major competitor's stock.

Which of the following stress test scenarios would be most effective in identifying the portfolio's vulnerability to extreme market conditions?