Investors are shifting funds from tech stocks with lofty valuations to other groups, such as energy and financials, that are undervalued and more of a play on an improving economy in a post-COVID world than big tech is, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Technology-related stocks, including Facebook Inc, Apple Inc and Amazon.com Inc, fell between 1% and 1.5% after bearing the brunt of the sell-off in the past three weeks on fears of higher interest rates as the benchmark 10-year Treasury yield scaled one-year highs.
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