Shares of technology companies fell in volatile trading as concerns about valuations spurred a flight from some of the largest companies.
The spike in Treasury yields makes richly valued growth stocks particularly unattractive, according to many stock-pricing models.
Shares of electric-car maker Tesla fell by more than 8% as the price of digital currency bitcoin swung wildly. Tesla is the first major corporation to hold a significant number of bitcoins on their balance sheet.
Shares of other giants such as Apple and Google parent Alphabet also lost significant ground.
Videogame company Roblox plans to hold a direct listing of its shares on March 10 as demand for at-home entertainment remains strong.
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(END) Dow Jones Newswires
February 22, 2021 17:29 ET (22:29 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.