market decline

Tesla and Alphabet led broad losses Thursday, with the Nasdaq falling 2.2 percent and the S&P 500 dropping 1.2 percent as investors reassessed growth valuations.

Mega-cap technology stocks posted their largest collective daily loss in over two years, with Tesla shedding 14.5 percent and Alphabet dropping 7.1 percent.

Weaker-than-expected U.S. consumer spending data pressured technology and e-commerce stocks, dragging the Nasdaq Composite down 0.6 percent.

High-growth technology shares face pressure as rising Treasury yields increase discount rates for future earnings