The stock exchanges in New York started the new trading session with significant losses on Tuesday. Tech funds fell sharply again, now that government bond yields have risen sharply in recent weeks.
This raises doubts about whether the technology companies, which have increased in value significantly, have not become too expensive.
Apple, the heavyweight of the Nasdaq tech gauge, lost 2.3 percent. Tech giants Amazon, Google mother Alphabet and Microsoft, gave up more than 2 percent. The Nasdaq itself lost 2.5 percent to 13,169 points.
After a few minutes of trading, the Dow Jones index was 0.4 percent lower at 31,412 points. The broadly composed S&P 500 lost 1.1 percent to 3,837 points.
Bitcoin fell sharply, following critical comments from US Treasury Secretary Janet Yellen. She called the cryptocurrency inefficient. In addition, investments in the digital currency are very speculative, the former central bank chairman warned. CoinMarketCap.com, which keeps track of crypto prices from various platforms, bitcoin was almost 11 percent lower than a day ago.
The listed “miners” of bitcoins Riot Blockchain and Marathon Patent lost 27 percent and 26 percent of their market value. Car manufacturer Tesla, which recently invested $ 1.5 billion in bitcoins, also fell 11 percent. This means that shares of electric vehicles maker have lost all profits made since the turn of the year.