Big Tech selloff pushes popular Nasdaq ETF QQQ below key support level
QQQETF on Wednesday fell below the 320 mark, which was the ETF's 50-day moving average.
- QQQ was dragged lower as
Apple, Amazonand Microsoftshares pulled back sharply.
- Investors appeared spooked by another rise in bond yields.
The popular QQQ exchange-traded fund that tracks the Nasdaq-100 Index sank below a key level of support Wednesday, suggesting further losses may be in store for big
The Invesco QQQ Trust dropped by 2.9% to 309.30, pulled below its 50-day moving average of 320.50. Volume was heavy, with nearly 79 million shares traded, outpacing the average daily volume of 33.3 million shares.
Investors appeared to ditch tech stocks in part as Treasury yields rose. The 10-year Treasury yield reached as high as 1.498%, up from Tuesday's settlement of 1.405%, as bonds fell in the wake of President Joe Biden's pledge late Tuesday that the US will have enough COVID-19 vaccine doses for every adult by May.
The lift in bond yields on the brighter coronavirus outlook signaled steeper borrowing costs for technology and other companies. The Nasdaq-100 Index fell 2.9% to 12,683.33. The
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