Shares of technology companies fell as rotation out of the sector continued.

The Nasdaq Composite fell by more than 2% to 12609, more than 10% from a recent high, meeting the definition of a correction.

Shares of electric-car maker Tesla tumbled, and are now down roughly 35% from their peak a mere two months ago.

A spike in Treasury yields has triggered a reassessment of financial risk, in turn causing a rotation out of stocks considered expensive based on price-to-earnings ratios.

Security-machinery maker Evolv Technology agreed to merge with a special-purpose acquisition company to go public in a deal that values the crowd-safety firm at about $1.7 billion, the companies said.

A cyberattack on Microsoft's Exchange email software is believed to have infected tens of thousands of businesses, government offices and schools in the U.S., The Wall Street Journal reported.

Deliveroo, backed by Amazon.com, initiated the process to list on the London Stock Exchange, seeking to replicate the stock-market success of U.S. rival DoorDash as the pandemic fuels demand for online food deliveries.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

03-08-21 1713ET