Big Tech Swept Into Selloff Erasing $1 Trillion From Nasdaq 100
- Nvidia, Microsoft struggle on threat from Fed raising rates
- Surge in Treasury yields weighs on large-cap tech stocks
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Traders are shunning technology stocks amid mounting risks from soaring Treasury yields and hawkish commentary from the Federal Reserve.
The Nasdaq 100 Stock Index fell 2.4% Monday, adding to losses sustained last week that have erased over $1 trillion in market value from the tech-heavy benchmark in the past five sessions. Microsoft Corp. tumbled 3.9%, its worst decline in more than a month. Chipmaker Nvidia Corp. sank 5.2%, extending losses sustained over the past five sessions to 20%. The stock hasn’t had a five-day run this bad since March 2020.