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US Tech Rally Takes Hit as Investors Pull Back Bets on Risk Assets

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Tech stocks in the US have hit a wall as Treasury-market turbulence and a hot labor-market reading sap investor optimism

A string of five monthly gains in US technology stocks has hit a wall in August as Treasury-market turbulence and a hot labor-market readingThe tech-heavy Nasdaq 100 sank 2% Wednesday on track for its worst day in two weeks in a broad

selloff that ensnared giants like Apple Inc. to chipmakers and more speculative corners of the sector such as profitless companies. Among the culprits was a surge in Treasury yields that took the 10-year rate to 4.12%, the highest since November.

 

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