NEW YORK - Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.The benchmark 10-year Treasury yields hit a one-year high of 1.614%, prompting investors concerned about rich valuations to lock in profits on some high-flying growth stocks.
Apple Inc, Amazon.com Inc, Microsoft Corp, Alphabet Inc, Facebook Inc and Netflix Inc dropped between 1.2% to 3.6%. The S&P 500 growth index is nearly unchanged in February, sharply underperforming the value index, which has gained more than 7% on optimism related to a post-pandemic reopening of the economy.
Optimism about more U.S. stimulus and a quicker pace of vaccinations at the beginning of the month have positioned the Dow Jones index for its best monthly gain since November. Tesla Inc fell 8.1% after a media report that the electric-car maker told workers it would temporarily halt some production at its California assembly plant.
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