Traders Dump Chipmakers as Rising Yields Drive US Stock Selloff

Rising bond yields curbed Wall Street’s appetite for risky bets Friday, prompting traders to dump chipmakers and other high-flying technology shares following a weeks-long, record-setting rally driven by a rush of cash into all things artificial intelligence.

The S&P 500 Index fell 1% as of 9:54 a.m. in New York, while the Nasdaq 100 Index tumbled 1.4%. Shares of semiconductor companies slid, leading the broad-based decline in equity markets in the second example of a sharp reversal in momentum this week.