(Bloomberg) -- Mounting bets that the economy is set to take off later this year have sent a gauge of the stock market’s highest fliers toward the longest slump in four months.
The tech-heavy Nasdaq 100 fell as much as 2.2% on Monday, weighed down by the broader market and some of last year’s best stay-at-home trades. DocuSign Inc. and Peloton Interactive Inc. fell more than 7% while Tesla Inc., the biggest gainer in the Nasdaq 100 in 2020, fell as much as 5.9%.
Amid incipient signs of inflation and surging Treasury yields, investors are growing concerned sky-high valuations for some technology companies could be hard to justify.
If the losses hold, the five-day slump of 3.2% would be the longest for the Nasdaq 100 since October. The index has gained 15% since then, slightly outperforming the S&P 500, which has advanced 14%.
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