Big Tech’s Floor Collapses on Renewed Fears of Bigger Rate Hikes
- Amazon and Meta Platforms shares each declined more than 5%
- Nasdaq 100’s four-day losing streak is worst since March 2020
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The world’s biggest technology stocks are crumbling on Monday as broad markets enter into bear market territory amid fears the Federal Reserve will send the US economy into recession.
Amazon.com Inc. and Meta Platforms Inc. each fell more than 5% as Treasury yields surged to levels not seen in a decade after last month’s high inflation reading. Apple Inc. and Microsoft Corp. each fell more than 3% to the lowest in about a year, with tech again bearing the brunt of a global selloff that pushed the S&P 500 Index down more than 20% from its January peak.