Tech Stocks Lead Market Declines After Big Rally: Markets Wrap

Amazon hit by EU antitrust complaint, faces probe over sales
China tightening scrutiny over big internet companies

WATCH: Deutsche Bank’s Jim Reid discusses the impact of a vaccine breakthrough on markets.Source: Bloomberg)

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By Rita Nazareth and Kamaron Leach

November 9, 2020 at 9:46 PM UTC

Updated on

November 10, 2020 at 9:19 PM UTC

This article is for subscribers only.

Stocks dropped amid a selloff in big tech and speculation that this month’s rally has outpaced prospects for an economic rebound as coronavirus cases surge. Treasuries fell.

The S&P 500 retreated from a two-month high as the slide in technology shares outweighed gains in energy and industrial companies. The Nasdaq 100 slumped as much as 2.7% on Tuesday. Amazon.com Inc. sank as the online-retail giant faced an antitrust complaint from the European Union, while American depositary receipts of Alibaba Group Holding Ltd. tumbled after China tightened the scrutiny over internet behemoths. Meanwhile, the Dow Jones Industrial Average outperformed as Boeing Co. extended its November rally to more than 30% on news that regulators could lift the 737 Max grounding as soon as next week. The Russell 2000 Index of small caps climbed to the highest since August 2018.