Stocks Post Biggest Rout Since June as Tech Sinks: Markets Wrap
- Nasdaq’s recent high-flyers are the worst performers
- Wall Street ‘fear gauge’ jumps to highest since June
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U.S. equities tumbled by the most in almost three months as the rotation away from high-flying tech stocks gained steam, with investors questioning the sustainability of lofty valuations.
The S&P 500 Index retreated from a record high and fell more than 3.5%, its biggest drop since early June, amid declines in Apple, Microsoft, Amazon and Facebook. The Nasdaq 100 sank 5%, its largest decline since March. European stocks erased gains and finished more than 1% lower.