Wall Street drops as tech stocks hit by spike in yields

By Devik Jain and Medha Singh (Reuters) – Wall Street’s main indexes slipped on Tuesday as investors pulled out of heavyweight tech-related stocks and flocked to undervalued banks and industrial stocks amid a rise in U.S. bond yields. Apple Inc, Microsoft Corp, Amazon.com and Broadcom Inc dropped between 0.9% and 2.7%, as U.S. 10-year Treasury yield hit a 14-month high. The Nasdaq is set for its first monthly loss since November as a rise in yields since last month has particularly hit tech stocks which often have a low-rate environment heavily baked into their high valuations. The index is st…

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