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Illustration: Sarah Grillo/Axios

Rising U.S. bond yields again sent tech stocks tumbling on Monday, with the tech-heavy Nasdaq composite index falling into its third 10% correction in the last year.

Why it matters: With the real economy still depressed, especially the labor market, continued weakness in Big Tech and a deflating housing market could undercut the expected economic recovery.

  • Both stocks and housing have been underpinned by historically low interest rates and inflation expectations, which now are jumping at the fastest pace in years.

What it means: Tech stocks have been incredibly volatile over the past year, rising and falling more than the rest of the market, as even trillion-dollar companies like Apple routinely see 3% and 4% daily moves.

The big picture: The exaggerated stock price moves in tech are amplifying overall market volatility, but that volatility bears watching because of the growing role tech plays in the U.S. economy.

  • All five of the largest U.S. companies by market cap are in tech — Apple, Microsoft, Amazon, Alphabet and Facebook, in that order — and together they hold a market cap of more than $8.2 trillion.
  • The entire S&P 500 has a market cap of $33.9 trillion, according to S&P Global, meaning the Big Five account for just under a quarter of the benchmark U.S. stock index's value.

By the numbers: On Monday, those five companies suffered an average share decline of 3%, led by 4% pullbacks in Apple and Amazon.

  • Tech companies across the board have been stung by the selloff, with previous world-beating market champions including Tesla, Zoom, Nvidia, Square and AMD all down by 20% since Feb. 12, when the Nasdaq hit its last record high.
  • Tesla is actually down by 35% from its last record high on Jan. 26, the third time in about a year it has lost close to a third of its value.

Between the lines: Despite all the talk of investors rotating from big, tech-heavy growth stocks to "cheaper" value stocks over the past month, the biggest beneficiaries of the rotation have been stocks with incredibly high forward price-to-earnings ratios like ExxonMobil (278.2 12-month forward P/E), Disney (60.2) and Mastercard (45.8).

Go deeper

25 mins ago - Sports

NFL to fine unvaccinated players $14K for violating COVID-19 protocols

Patrick Mahomes of the Kansas City Chiefs wears a facemask while preparing for the start of Super Bowl LV. Photo: Patrick Smith/Getty Images

The NFL will fine unvaccinated players $14,650 if they violate COVID-19 protocols this season, ESPN reports.

The big picture: The rule change comes two days after the NFL announced that postponed games due to coronavirus outbreaks among unvaccinated players or staffers will not be rescheduled and teams responsible for delays will automatically forfeit.

3 hours ago - Sports

The new faces of NBC's Olympics coverage

Photo illustration: Aïda Amer/Axios. Photo: Cy Cyr/PGA Tour via Getty Images

A new(ish) face will be leading NBCUniversal's prime-time coverage of the 2021 Tokyo Olympic Games: veteran sportscaster Mike Tirico.

Why it matters: It's Tirico's first run as prime-time host for the Summer Olympics. Legendary broadcaster Bob Costas hosted 12 Olympic Games between 1988 and 2016 for NBC before handing over the prime-time spot to Tirico in 2018.

Ina Fried, author of Login
3 hours ago - Sports

Behind the scenes at the COVID Olympics

Photo illustration: Brendan Lynch/Axios, Photo: Steph Chambers/Getty Images

TOKYO — The COVID rule-breaking was obvious at Friday's opening ceremony, when athletes were clearly visible on TV with masks below their noses, but an athlete tells Axios that the rule-breaking has been going on well before that.

  • It's been happening at least since athletes arrived in the Olympic Village, where masks were dropped below noses and different teams were forced to share buses.