Shares of technology companies fell as the yield on the 10-year Treasury note closed at a multiyear high.
The tech-heavy Nasdaq Composite is down by more than 12% since midAugust as investors flee risky sectors because of vows for more aggressive rate increases from the Federal Reserve.
"People tend to buy the last cycle's winners, but those won't be the winners going forward," said Brent Schutte, chief investment officer at money manager Northwestern Mutual Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-06-22 1716ET
