Steep losses in technology shares dragged down the S&P 500 on Monday as a continuous rise in bond yields dented the appetite for growth stocks. Meanwhile, investors piled into economically sensitive names to bet on a comeback.
The broad equity benchmark lost 0.8% to 3,876.50 in volatile trading, falling for a fifth straight session amid the weakness in tech and consumer discretionary. The Nasdaq Composite fell 2.5% to 13,533.05 as Tesla shares slid 8.6%. Big Tech stocks came under pressure with Apple, Amazon and Microsoft all dropping at least 2%. (CNBC)