Tech Down, Nasdaq ends in correction area while rotation continues – Tech Roundup

Tech company stocks fell as rotation out of the sector continued.

The Nasdaq Composite fell more than 2% to 12,609, more than 10% from its recent high which defines a correction.

Electric car maker Tesla’s shares fell and are now down around 35% from their high just two months ago.

A surge in government bond yields has triggered a re-evaluation of financial risk, which in turn has led to a rotation of stocks that are considered expensive due to their value for money.

Security machinery maker Evolv Technology agreed to partner with a special-purpose acquisition company to go public. The company estimates the company for crowd safety at around $ 1.7 billion.

A cyberattack on Microsoft’s Exchange email software is believed to have infected tens of thousands of corporations, government offices and schools across the United States, the Wall Street Journal reported.

Deliveroo, backed by Amazon.com, launched the process of listing on the London Stock Exchange to replicate US rival DoorDash’s stock market success as a demand for pandemic fuels for online grocery deliveries.

Write to Rob Curran at [email protected]

(END) Dow Jones Newswires

March 08, 2021 5:13 PM ET (10:13 PM GMT)

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