New technology stocks were hammered on Monday, extending the recent declines for some of the world's most valuable companies that have been under pressure amid rising bond yields.
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The selloff was especially painful for Facebook Inc., with reports of global outages for users of its social-media apps helping to fuel the biggest drop in nearly a year in May. The company also faces questions from a whisteblower that will testify before Congress. Its shares went down 4.9%, the most since Nov. 9, the most recent since then.
Three of the biggest U.S. technology companies fell more than Nasdaq 100 stocks index, which slumped 2.2% after its third decline of at least 2% in the past 11 trading days? In addition to Facebook, Apple Inc. fell 3%, followed by Amazon.com Inc. which dropped 2.5%. In addition, Alphabet Inc. lost 2.1% and Microsoft Corp. retreated 2%.
Technology stocks are bearing the brunt of selling amid a spike in Treasury yields, used to calculate the present-day value of profits expected to be delivered very well into the future. A sudden surge in these yields last week helped send the Nasdaq 100 to its worst weekly loss since January.
With the Nasdaq 100 now looking like it could fall for a fifth consecutive week, damage is beginning to mount for some of its largest members. On Monday, Apple, the world s most valuable company, joined Facebook and Amazon.com in correction territory, which is meant by a drop of at least 10% from a peak. The iPhone maker has now fallen 11% from a Sept. 7 record, erasing about $300 billion in market value.
Amazon.com has lost 15% since July's high and is now trading lower than the price at the beginning of the year. Facebook has declined 15% from its highest low of Sept. 7 this week. Alphabet is down 8% from its record, although in 2021 it is still up 53% to reach its previous high level.
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