Shares of technology companies slid as investors rotated out of high-priced growth sectors, due to the spike in Treasury yields.

The Nasdaq Composite flirted with correction territory, trading at more than 10% below its February peak for much of the session.

Shares of market leaders, such as Tesla, also led the rout, with the electric car maker's shares testing the $600 level, almost one-third lower than a recent peak at one stage.

Shares of identity-management software maker Okta sold off after it agreed to buy closely held startup rival Auth0 for $6.5 billion in stock.

Financial-technology concern Square agreed to buy a majority stake in Tidal, a music and entertainment platform owned by rapper Shawn "Jay-Z" Carter and other artists, for $297 million in cash and stock.

An executive with Alphabet's YouTube service said it would only lift its suspension of former President Donald Trump from the video-sharing platform once it determines "the risk of violence has decreased."

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

03-04-21 1816ET