Global stocks paused after a record-breaking run, with a sharp selloff in heavyweight technology shares dragging markets lower and futures indicating further losses.
Contracts for the Nasdaq 100 index declined 0.5% after the gauge slumped due to stock rotation and posted its second-worst drop since April’s tariff shock.
Futures for the S&P 500 retreated 0.3% and those for European stocks fell 0.6%. Asian shares tumbled 0.8% with technology firms such as Taiwan Semiconductor Manufacturing Co. and SoftBank Corp. leading.
Treasuries slipped, pushing the yield on the 10-year higher by one basis point to 4.32%. Oil rose 0.6%, recouping some losses from the prior session.
A gauge of the dollar extended its gains to a third day. The New Zealand dollar weakened and bonds rallied after the central bank lowered rates by 25 basis points and suggested there was scope for more cuts.
Investors pared back positions in technology stocks — the market’s longtime leaders — amid growing concern that the rally since April has advanced too far and too quickly.
