Tech sell-off drags stocks lower, pulling market below highs

Friday, May 7, 2021, Vol. 45, No. 19
The Associated Press

Drops in several Big Tech companies led the stock market lower Monday, pulling major indexes below the record highs they set last week.

The S&P 500 lost 1% after spending the first half of the day wobbling between small gains and losses.

The tech-heavy Nasdaq gave back 2.5% as Facebook, Amazon, Apple and Google's parent company fell. The Dow Jones Industrial Average had traded higher for much of the day but dipped into the red in the last half-hour of trading.

Small-company stocks also did poorly, dragging the Russell 2000 index down 2.6%.

The yield on the 10-year Treasury note rose to 1.61%.