Nasdaq ends sharply lower; rising Treasury yields sink Big Tech

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 too low, due in large part to central bank policies, and now as investors anticipate those policies getting clawed back,