NEW YORK (AP) –
Stock prices fell Tuesday morning at the start of trading on the New York Stock Exchange, as tech companies underperformed.
The Nasdaq technology index lost 2.3% at the start of the day while the S&P 500 lost 0.8%.
Apple, PayPal and Twitter fell.
Tech companies thrived during the pandemic because many people were forced to stay home and used all kinds of electronic devices, but now that the economic outlook seems to improve, those companies are giving in.
Yields on US Treasuries were rising. The 10-year rate was 1.37%, its highest level in a year.