Traders Dump Chipmakers as Rising Yields Drive US Stock Selloff

Wall Street offloaded semiconductor companies and other high-flying technology shares Friday following a weeks-long, record-setting rally as rising bond yields curbed investors’ appetite for risky bets.

The S&P 500 Index slid 1.2% in New York, while the Nasdaq 100 Index sank 1.5%; both benchmarks posted their worst day since late March. Chipmakers led the broad-based decline in equity markets. Friday’s swing lower was the second example of a sharp reversal in momentum this week.