Nasdaq Composite Drops as Amazon Tumbles; Treasuries Gain

The Nasdaq Composite Index tumbled the most in two weeks amid concern earnings growth is too slow to justify U.S. equity valuations. Emerging-market stocks slumped and Treasuries climbed as tension increased over Russia.

The Nasdaq Composite retreated 1.8 percent at 4 p.m. in New York as Amazon.com Inc. slid the most since January. The Standard & Poor’s 500 Index dropped 0.8 percent, erasing a gain for the week, while the yield on 30-year Treasuries reached the lowest level in nine months. The MSCI Emerging Markets Index lost 1.2 percent. Russia’s Micex Index fell a fifth day and the ruble weakened 0.6 percent versus the dollar. The Stoxx Europe 600 Index declined 0.8 percent. Oil dropped 1.3 percent and the yen strengthened against all 16 major peers.