Tech Rout Slams Stocks as Oil Gains, Dollar Slips: Markets Wrap
- Euro strengthens, commodities climb, Turkish lira weakens
- Yields increase before slew of central bank policy decisions
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The biggest technology shares led a retreat in stocks as investors showed signs of exhaustion with the sector. Government bonds declined and oil rallied.
The Nasdaq Composite Index sank 1.4 percent as the gauge posted its biggest three-day loss since March. The FANG cohort of tech megacaps tumbled almost 3 percent, led by Netflix Inc., leaving the group down more than 9 percent since Facebook Inc.’s disappointing earnings results last week.