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Nasdaq slumps 2% while Treasury yields surge
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U S equity futures slip while Europe shares gain
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Tech Leads Stock Losses Amid Valuation Warnings: Markets Wrap
Bloomberg 3/2/2021 Rita Nazareth and Claire Ballentine
(Bloomberg) U.S. stocks dropped after the biggest rally in nine months spurred speculation about excessive investor optimism. Treasuries stabilized, following a recent spike in yields. The dollar retreated.
Technology shares led losses in the S&P 500 as Apple Inc. and Tesla Inc. dragged down the Nasdaq 100 with the electric-car maker tumbling more than 4%. Target Corp. sank on an underwhelming profitability outlook. Rocket Cos., a Detroit-based holding company, soared after a news report that the stock could become a Reddit target for its high short-interest.
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