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Ten-Year Rate Spike Sinks Tesla and ARKK, Deepening Tech Carnage

  • Treasury yield pushes above 1.6% to highest in over a year
  • High-flying tech shares bearing brunt of market selloff
    

Photographer: Daniel Acker/Bloomberg

Updated on

The rout in popular technology shares accelerated after the 10-year Treasury rate spiked as much as 23 points, fueling worry that the Federal Reserve will be forced to raise interest rates.

Tesla Inc. dropped 8% to erase its 2021 gains. The Ark Innovation ETF pushed its four-day rout past 15%. Peloton Interactive Inc. cratered 18% in the same time. Zoom Video Communications Inc. is on its longest-ever losing streak.