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Bloomberg
Shares of technology and internet stocks fell on Monday, extending recent declines as investors continued to monitor a rise in Treasury yields.
Losses were widespread across the group, with megacap names, semiconductor stocks and the software sector all tumbling. The group led broad declines in the US equity market, and the Nasdaq 100 Index fell more than 2%.
The drop came as the yield on 10-Year US Treasury notes rose to 1.8%, the highest in almost two years. Higher rates are seen as a challenge for high-growth and relatively expensive stocks as they reduce the present value of future earnings.
Among the notable movers, Amazon.com Inc fell 3.4%. The stock has dropped about 15% from a November peak and is down for a fifth straight session.