The Nasdaq Composite fell sharply on Monday, as rising bond yields and investors’ bets on a further economic rebound weighed on the shares of technology giants such as Apple and Microsoft .
The tech-heavy Nasdaq lost 341.41 points, or 2.5%, to close at 13533.05. The broad-based S&P 500 fell 30.21, or 0.8%, to 3876.50, in its fifth consecutive losing session.
The Dow Jones Industrial Average eked out a slight gain, rising 27.37, or less than 0.1%, to 31521.69.
Tech stocks that were recently trading at records posted broad declines. Microsoft, Apple and Amazon.com all fell between 2% and 3%. Shares of electric-car maker Tesla tumbled $66.80, or 8.6%, to $714.50.
Such stocks powered the U.S. stock market’s rebound from a coronavirus selloff just under a year ago, and they also are a favorite of the small investors who have piled into stock and options trading over the past year. But the rally has prompted concerns that megacap tech stocks are overvalued, making them vulnerable to sudden slumps.