U.S. stocks fell Thursday as shares of technology companies and other high-growth stocks succumbed to another selloff in the government bond market. Investors appeared to be taking a closer look at comments and projections made a day earlier by the Federal Reserve and its chairman, Jerome Powell. Besides reiterating the central bank’s commitment to supporting financial markets until the economy fully recovers—something investors cheered on Wednesday—the Fed also increased its median projections for growth and inflation based on the latest round of stimulus doled out by Congress. That led investors on Thursday to re-evaluate the broader implications that level of expansion will have on pockets of the market, analysts and money managers said, sparking another round of selling of government bonds. The 10-year Treasury yield, a key benchmark for lending costs, breached 1.7% for the first time since January 2020. Shares of big tech companies were among the stocks that faced the greatest pressure. Apple, Amazon.com and Netflix all fell at least 3%. Electric car maker Tesla slid further, shedding $48.65, or 6.9%, to $653.16. That pulled the Nasdaq Composite down 409.03 points, or 3%, to 13116.17 and knocked the S&P 500 off 58.66 points, or 1.5%, to 3915.46, a day after clinching a fresh record.
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