Nasdaq Slides 1 Percent as Surging Yields Hit Growth Stocks

A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, N.Y., on April 16, 2021. Carlo Allegri/Reuters

The Nasdaq fell more than 1 percent on Monday, leading Wall Street’s main indexes lower, as rising bond yields weighed on megacap stocks such as Microsoft and Apple with investors on edge ahead of Tuesday’s inflation data.

Shares of Microsoft Corp., Apple Inc., and Nvidia Corp. fell between 1.9 percent and 4.1 percent as the benchmark 10-year Treasury yield climbed to 2.75 percent after touching a fresh three-year high earlier in the day.