US technology stocks fell sharply on Monday as rising inflation expectations and long-term interest rates undercut arguments for their high valuations.
The technology-focused Nasdaq Composite closed down 2.5 per cent, losing more ground than other benchmark indices. The blue-chip S&P 500 closed down 0.8 per cent, while the Russell 2000 lost 0.7 per cent.
Facebook, Amazon, Apple, Netflix and Google parent Alphabet — collectively known as the Faang stocks — all tumbled in what some investors said could be the beginning of an overdue correction.
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