Facebook Shares Suffer Worst Drop This Year as Tech Losses Mount
- Social media giant leads megacap losses with near 5% drop
- Damage is mounting for tech stocks as bond yields rise
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Technology stocks were hammered again on Monday, extending recent declines for some of the world’s most valuable companies, which have been under pressure amid rising bond yields.
The selloff was particularly painful for Facebook Inc. with reports of global outages for users of its social-media apps helping to fuel the biggest drop in nearly a year. The company also is facing questions from a whisteblower who will be testifying before Congress. Its shares finished down 4.9%, the most since Nov. 9.