Nasdaq Today – Tech sell-off drags down Nasdaq for third week | Business

The sell-off in technology shares on Wall Street pushed the Nasdaq share index to its third straight week of declines last night, despite a late rally.

The run on shares, driven by concerns about a rise in US Treasury yields, has knocked about $1.5 trillion off the value of what previously had been high-flying Big Tech stocks. Encouraging jobs data yesterday did apply the brakes to the selling of technology stocks, but it still leaves the index lower than where it started the year.

Fears over rising borrowing costs and inflation dominated sentiment. Benchmark ten-year US Treasury yields hit a new one-year high of 1.626 per cent.

The prospect of rising interest rates has hit the fast-growing technology sector in particular because investors value such