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Nasdaq ends sharply lower; rising Treasury yields sink Big Tech

The Dow Jones Industrial Average fell 0.94% to end at 34,002.92 points, while the S&P 500 lost 1.30% to 4,300.46

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The S&P 500 technology and communication services sectors tumbled about 2.5% each, leading declines among the 11 major S&P 500 sector indexes. (Photo: Shutterstock)

Noel Randewich | Reuters
Wall Street ended sharply lower on Monday as investors dumped Big Tech and other growth stocks in the face of rising Treasury yields, while concerns about a potential US government debt default also fed caution.

Apple, Microsoft, Amazon and Alphabet, the US stock market's four most valuable companies, each dropped more than 2%.

Facebook, the fifth most valuable company, slumped almost 5% after its app and its photo-sharing platform Instagram were down for thousands of users, according to outage tracking website Downdetector.com.

"For Big Tech, this is a short- to medium-term thing, part of a correction process. Rates were clearly

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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