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
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