Economics
U.S. Stocks Dragged Down by Tech Rout; Bonds Fall: Markets Wrap
- FANG shares tumble as investors sell year’s top stocks
- Treasuries drop as Fed chair touts ‘broad based’ expansion
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U.S. stocks gave up early gains as a selloff in technology shares from Apple Inc. to Amazon.com Inc. dragged down major indexes. Treasuries dropped after Federal Reserve Chair Janet Yellen called economic growth “increasingly broad based.”
The Nasdaq 100 Index fell as much as 2.2 percent as signs of a rotation from the year’s leaders emerged anew. As tax legislation proceeded through the Senate, the FANG block of megacap tech shares that paced gains throughout the year fell the most in 22 months. All 15 members of the S&P 500 Semiconductor Index retreated, led by Micron Technology, Lam Research Corp. and Applied Materials Inc.