Investors dumped shares in many of the technology companies that surged during the pandemic as the looming spectre of higher interest rates prompted them to buy into businesses more tightly linked to the economic recovery.
The technology-heavy Nasdaq Composite index closed 3.3 per cent lower on Wednesday, its worst day since February 2021, while a sell-off in the $22tn US Treasury bond market intensified.
With yields on US government debt climbing, the appeal of many unprofitable companies — including some that had only recently gone public — has been knocked. Their valuations are dependent on potential earnings in the future and therefore sensitive to rising rates.
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