Nasdaq 100 Falls on Chipmaker Rout as Yields Rise: Markets Wrap

Wall Street’s crowded chipmaker trade continued to unravel, dragging down the stock market on speculation that a surge from this year’s lows has gone too far amid war-fueled inflation risks that have sent global bonds sinking.

After a roughly 50% surge in semiconductor shares since the end of March, calls for a pullback or consolidation started to emerge. While conditions for a long and painful downturn aren’t in place, the high-profile group of technology shares have taken a hit in recent days, especially with bond yields at multi-year highs.