Shares of technology companies slid as traders rotated out of highly valued sectors.
The yield on the 10-year Treasury yield slipped, but held near recent highs above1.7%.
The tech sector was a major beneficiary of an increase in stock "valuations," calculated by comparing price to earnings, in the last 18 months. Rising Treasury yields have interrupted this "multiple expansion."
"If interest rates go up, it's unlikely that the price-to-earnings multiple for the broader market is going to expand from here," said Eric Marshall, president of mutual-fund firm Hodges Capital.
Data analytics company Databricks said it launched a platform that helps retailers draw faster insights from their data.
BitMEX, which last year agreed to a $100 million settlement with U.S. enforcers over compliance issues, has hired Marcus Hughes, a former managing director at Coinbase Global, to serve as the cryptocurrency platform's new chief risk officer.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-13-22 1710ET
