Wall Street tech stocks fall as China concerns weigh on investors

0
91

Equities updates

US technology stocks dropped from all-time highs as worries about a regulatory clampdown by Beijing that caused steep falls in Asian markets swept on to Wall Street.

The blue-chip S&P 500 index fell 0.5 per cent after eking out an all-time high on Monday. The technology-focused Nasdaq Composite, which also hit a record in the previous session, fell 1.4 per cent.

The yield on the 10-year US Treasury bond, which moves inversely to its price, dropped 0.03 percentage points to 1.241 per cent as investors took shelter in the haven asset.

The moves came after Beijing ruled that private education businesses could no longer make profits or raise capital, feeding fears of a broader regulatory crackdown. China’s government had already taken strong antitrust measures against some of the nation’s largest technology businesses.

After Hong Kong’s Hang…

Read more…