By Philip van Doorn
Rising long-term interest rates sparked by a fear of inflation sent technology stocks tumbling Thursday.
The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.73% fell 3.5%, while the even more technology-weighted Nasdaq-100 Index /zigman2/quotes/210598364/realtime NDX +0.45% , which is tracked by Invesco QQQ Trust /zigman2/quotes/208575548/composite QQQ +0.42% , dropped 3.6%. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.75% was down 1.8%, while the S&P 500 Index /zigman2/quotes/210598364/realtime NDX +0.45% pulled back 2.4%.
The ARK Innovation ETF /zigman2/quotes/204808965/composite ARKK +1.53% , the high-flying tech-oriented exchange traded fund with Tesla Inc. /zigman2/quotes/203558040/composite TSLA +1.17% as its largest holding, skidded 6.4%.
The Nasdaq-100 has now given up its entire gain for 2021 — declining 0.5% — while the other broader indexes listed above have all risen.
Illustrating a perceived rotation to value stocks amid rising interest rates and the indicated fear of inflation , the Russell 1000 Value index /zigman2/quotes/210598148/delayed RLV +0.98% has risen 6.1% in 2021, even after a 1.8% decline on Feb. 25. The Russell 1000 Value’s increase this year is more than twice the gain of the next-best performer among the broad indexes listed above, the Dow, which is up 2.6% this year.
The yield on 10-year U.S. Treasury notes /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.57% jumped 15 basis points on Feb. 25 to1.53%. That compares to a 10-year yield of 1.15% only three weeks earlier .
Worst Nasdaq-100 performers on Feb. 25
Here are the 20 stocks among the Nasdaq-100 that fell the most on Feb. 25:
Scroll the table to see all the data, including declines from all-time highs and the dates of those highs.