(Bloomberg) -- More bleeding in technology stocks pushed Apple Inc. into correction territory, making it the third of the five megacap tech companies to fall more than 10% from peaks earlier this year.
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Apple fell as much as 3.1% on Monday amid another wave of selling in the shares of faster growing companies with higher valuations that are facing pressure from rising U.S. Treasury yields. The iPhone maker’s shares have now fallen 11% from a Sept. 7 record, erasing about $300 billion in market value.
Apple joins Facebook Inc. and Amazon.com among technology stocks that have fallen more than 10% from peaks. Facebook, which is falling amid reports of global outages across its family of apps, is down 15% from a record earlier this month. Amazon.com has dropped 14% from a July high.
Read more: Amazon Turns Negative for 2021 as Higher Yields Add to Pressure
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