Nasdaq erases this year's gains in 3% rout, hits lowest level since Jan 29

Tesla Inc. dropped as much as 13% as investors continued to punish stocks that have led the rally from the depths of the pandemic a year ago

Technology shares sold off for a second day amid growing concerns that valuations for high-flying stocks are stretched as interest rates rise and the global economy moves closer to reopening.

The Nasdaq 100 slumped 3 per cent, the most in four months, as the tech-heavy gauge headed to its longest losing streak since 2019.

Tesla Inc. dropped as much as 13 per cent as investors continued to punish stocks that have led the rally from the depths of the pandemic a year ago. Cyclical shares set to benefit from the end of pandemic lockdowns outperformed, limiting losses for the Dow Jones Industrial