Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure.
The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Wood’s ARK Innovation ETF extended its decline, leaving it 15% lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher.