Tech Drags Nasdaq 100 to Three-Week Low; Oil Jumps: Markets Wrap
- Inflation risk sends copper climbing above $9,000 a ton
- Richly valued tech companies lose appeal amid higher yields
This article is for subscribers only.
Tech stocks dropped on valuation concerns while commodities rallied and bond yields rose with investors pricing in stronger growth and faster inflation as the global economy recovers.
The Nasdaq 100 tumbled more than 2.5% to a three-week low as investors questioned the appeal of expensive, growth-focused stocks. The S&P 500 Index fell for a fifth day, its longest losing streak in a year. Gains for energy shares and financial companies limited losses on the Dow Jones Industrial Average. European and Asian markets were broadly negative.