(Bloomberg) — U.S. stocks sank for a third day, with selloff in technology shares picking up steam as investors fled the high flyers who fueled a historic five-month rally. Oil plunged, while Treasuries rose with the dollar.
Volatility roiled financial markets, sending the Nasdaq 100 down 4.8% and leaving it 11% off its record set last Wednesday. Tesla suffered the worst rout in its history and is now down 34% in September. Apple’s 6.9% plunge wiped out almost $140 billion in market value Tuesday, while its three-day slide swelled to 14%, the most since October 2008.
Investors have been spooked by the last leg of a rally that drove valuations to levels last seen in the dot-com era. Few pockets of the market were spared, with 450 S&P 500 members lower and only five Nasdaq 100 components higher. The broader index hit the lowest since Aug. 11. West