Wall Street retreats by Big Tech rotation

Wall Street’s main indexes fell on Monday as investors shifted interest in technology shares in the face of rising Treasury yields, while new concerns over trade erupted on U.S.-China trade relations providing another reason for caution.
U.S. Treasury yields have been supported by recent data showing increased consumer spending, accelerated factory activity and elevated inflation growth.
The new reality suggests that the Federal Reserve could start tightening its accommodative monetary policy sooner than expected.
High-flying companies including, Facebook, Microsoft Corp, Apple, Amazon and Alphabet fell between 2.4% and 5.8%. Facebook has been under pressure after its platforms were down for thousands of users.
The S&P 500 technology and communication services sectors tumbled about 2.5% each, leading declines among the 11 major S&P 500 sector indexes.
Some market segments enjoyed a bounce, with energy shares jumping 2.3% and utilities adding 0.6%. The S&P 500 banks index edged 0.1% higher, hitting a record high earlier in the session.
The Dow Jones Industrial Average was down 351.25 points, or 1.02%, at 33,975.21, the S&P 500 was down 60.30 points, or 1.38%, at 4,296.74 and the Nasdaq Composite was down 329.03 points, or 2.26%, at 14,237.67.