Led to a broad slide on Wall Street technology companies As investors walked out of technology stocks due to rising Treasury yields, while fresh US-China concerns over the trade offered another reason for caution. All three major indices on Wall Street ended deep in the red led by the Nasdaq, as tech firms took a beating due to sensitivity to higher interest rates.
Apple Inc slipped into correction territory, making it the third of five megacap tech companies to fall more than 10% from the peak earlier this year.
Apple shares fell as much as 3% on Monday amid another wave of selling in fast-growing companies that are facing pressure from rising US Treasury yields. Shares of the iPhone maker have now fallen 11% from a record September 7 loss, losing nearly $300 billion in market value.
Facebook Inc. And Amazon.com is among the technology stocks that have fallen more than 10% from the peak. Shares of Amazon.com Inc. fell sharply on Monday, as the e-commerce giant plunged back into negative territory for the year. The stock fell 2.9% in its sixth straight daily decline since the eight-day decline that ended in August 2019.
Facebook, which collapsed due to a global outage in its family of apps, is down 15% from a record earlier this month. Amazon.com is down 14% from its July highs.
The closely watched NYFANG+ index — which includes 10 highly liquid tech and internet stocks — is down more than 9% from its September 7 peak. Tesla Inc. is the only stock in the black during that period.
(with inputs from agencies)
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