Tech sells off as Nasdaq plunges more than 2%
The Nasdaq tumbled more than 2% on Tuesday as steep declines in megacap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market.
Highly valued technology-related companies including Microsoft Corp (MSFT.O), Alphabet Inc (GOOGL.O), Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Facebook Inc (FB.O) fell between 2.2% and 4.2%.The Philadelphia Semiconductor Index dropped over 2.3%.
Comments by Treasury Secretary Janet Yellen on the potential need for rising interest rate further exacerbated the tech selloff, as investors worry higher rates would weigh on valuations of growth companies.
"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the addition ...