Wall Street's worst stock market day since January

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Wall Street's worst stock market day since January

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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