(Bloomberg) More than $200 billion worth of market value was wiped out in early trading on Tuesday as investors were lured by rising bond yields.
Apple, Amazon, Nvidia all posted an intraday loss of up to -4.7%. All of the more than $9 trillion NYFANG+ companies posted declines.
The fall in tech stocks reflected rising rate expectations, with investors projecting Fed’s tapering. German bond yields started to spike.
Tech stocks are sensitive to rising rates since their value depends heavily on future earnings. US 10-year Treasury yields rose to a three-month high of about 1.55% on Tuesday.
AMZN is down -2.22%, NVDA is down -3.51%, TSLA is down -0.87%, GOOGL is down -3.63%, MSFT is down -2.71%.
