Rising bond yields prompted a tech sector bloodbath and wiped $50 billion from the Australian sharemarket on Friday, as local investors endured their worst trading session in about six months.
All local sectors were hammered as the benchmark ASX 200 index plunged 2.4 per cent to close at a near four-week low of 6673.3 points.
The fall mirrored the fortunes of Wall Street’s major indices, where a reflation trade has sparked valuation concerns over tech mega-caps such as Apple, Microsoft, Apple and Google, and weighed heavily on the influential Nasdaq.
The ASX 200 shed $50 billion from its market cap in its worst session in about six months. Credit:Louie Douvis
Locally, Afterpay fell 11 per cent to $119.52, a plunge not seen since the depths of the coronavirus rout last March.
