Technology companies led a broad slide in stocks on Wall Street Tuesday as investors reacted to a surge in U.S. government bond yields.
The benchmark S&P 500 index had its worst drop since May, and the tech-heavy Nasdaq had its worst drop since March. The main action was again in the bond market, where a swift rise in Treasury yields is forcing investors to reassess whether prices have run too high for stocks, particularly the most popular ones. The yield on the 10-year Treasury note jumped to its highest level since late June.
The S&P 500 fell 90.48 points, or 2%, to 4,352.63.