US tech rout set to continue after rising bond yields drive sharp sell-off, while bitcoin plunges again

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

The drop in US technology stocks looked set to resume on Tuesday morning, with Nasdaq 100 and S&P 500 futures sliding, after rising bond yields spooked investors and triggered a sharp sell-off on Monday. Meanwhile, bitcoin plunged again to below $48,000 after hitting a record high of above $58,000 the previous week. Nasdaq futures were 1.55% lower after the index plunged 2.46% on Monday, when big tech names such as Apple and Amazon shed 2%, or more, as doubts set in about the recent rally. S&P 500 futures were down 0.57%, after the index slipped 0.77% on Monday, while Dow Jones futures were off by 0.18%. Analysts pointed to rising bond yields as the catalyst for the sharp fall in the more expensive parts of the stock market. Higher bond yields traditionally weigh on stocks as they offer a safe and attractive alternative investment. Michael Hewson, chief market analyst at CMC Markets, said the sell-off was driven by "concerns that valuations in the tech sector more...