Shares of technology companies tumbled, continuing a recent trend of underperformance.
Investors have fled shares of the highflying stocks as bond yields have quickly lurched higher. Higher yields make tech companies' outsize profits in the future less attractive.
The so-called FAANG stocks-Facebook, Amazon, Apple, Netflix and Google-parent Alphabet-have shed $243 billion in market value today, on track for the biggest one-day loss in value since October 2020.
Qualcomm is teaming with an investment firm to further its autonomous-driving ambitions, snatching Swedish auto-technology company Veoneer from a competing bidder in a $4.5 billion takeover. The deal plucks Veoneer from Canadian automotive supplier Magna International after Magna in July agreed to buy Veoneer for $31.25 a share to bolster its own autonomous-driving efforts.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
10-04-21 1711ET
