Technology stocks tumbled on Monday as government bond yields continued to rise, signaling that investors expect the Federal Reserve to move quickly in raising interest rates.
The tech-heavy Nasdaq Composite Index slid 2.6%. The benchmark last week posted its biggest one-week percentage decline since February, as rising bond yields punctured tech valuations. The S&P 500 was down 1.9% in Monday trading, while the Dow Jones Industrial Average fell 1.6%, or 578 points.