October 4 (WNN) — US markets sank on Monday as tech stocks continued to fall on rising bond yields.
The Dow Jones Industrial Average fell 323.54 points, or 0.94%, while the S&P 500 ended the day down 1.3% and the tech-heavy Nasdaq Composite down 2.14%.
After rising to 1.56% last week, the 10-year Treasury yield was trading slightly higher on Monday at around 1.48%.
Amazon stock fell 2.85%, falling into negative territory for 2021, while Apple dropped 2.46%, Google’s parent company, Alphabet, fell 2.11% and Netflix fell 1.6%.
Facebook’s stock fell 4.89% on Monday as the social network and its Instagram and WhatsApp platforms shut down. The company also suffered a setback after a whistleblower accused the company of “betraying democracy” in an interview on Sunday.
Tesla shares rose 0.81% after the company announced it exceeded analysts’ estimates by delivering 241,300 electric vehicles during the third quarter.
Merck stock rose 2.09% as the company announced Friday that it is seeking emergency use authorization from the Food and Drug Administration for its antiviral COVID-19 drug.
Vaccine makers saw shares of Moderna fall 4.47% on Monday, Pfizer by 1.19% and Johnson & Johnson by 0.68%, while on Sunday Dr. Anthony Fauci said the Merck drug should not be a replacement for vaccination.
Markets are looking to rebound from a tough September, which saw the S&P 500 lose 4.8% for the month, while the Nasdaq Composite lost 4.3% and the Dow by 5.3%.