Shares of technology companies fell as a spike in Treasury yields spurred a rotation out of the sector.
After leading the market for much of the last five years, culminating in stark outperformance in 2020, the tech sector has begun to lag.
The Nasdaq Composite fell by almost 3% Wednesday, and is now down roughly 8% from its recent highs, as investors respond to rising yields by rotating into financials and other value sectors.
The leaders of the tech rally had included electric-vehicle companies, and they are seeing some of the heaviest selling. Shares of Tesla fell 4.8% and are now roughly 25% from recent highs. Rival Fisker fell 13% on Wednesday.
Parler has filed a new lawsuit against Amazon.com as the messaging service favored by right-wing groups continues its dispute with the tech giant for ending web-hosting services for the social network.
Write to Rob Curran at email@example.com
(END) Dow Jones Newswires