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Rate-sensitive technology stocks came under pressure in Europe and Asia as two-year Treasury yields, which track short-term rate expectations, crossed 1% for the first time since February 2020. [US/]
Frankfurt-listed shares of U.S. megacap tech companies including Google’s Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Meta, Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) were last down between 1.9% and 2.5%. They were down by similar amount in early U.S. premarket trading.
At 04:48 a.m. ET (0948 GMT), Dow e-minis were down 292 points, or 0.82%, S&P 500 e-minis were down 57.25 points, or 1.23%, and Nasdaq 100 e-minis were down 292.5 points, or 1.88%.
