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David, a Mark Cuban-backed banking app, begins trading on the Nasdaq following its merger with SPAC

Futures signaled further pain for tech stocks after Wednesday’s rout, adding to the nearly $1 trillion in value wiped out of the Nasdaq Composite Index this week already as a surge in U.S. bond yields spook investors.

Nasdaq 100 futures point to a further 0.4% drop on Thursday after the worst two-day rout since March, with Apple        Inc., Tesla Inc. and Netflix Inc.               falling again in pre-market trading

The Nasdaq Composite Index has lost nearly $1 trillion this week after the pace of a spike in US bond yields took investors by surprise, fueling expectations of a volatile 2022.

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The Nasdaq Composite Index has lost nearly $1 trillion this week after the pace of a spike in US bond yields took investors by surprise, fueling expectations of a volatile 2022.

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Expensive software makers, biotechs and newly minted stocks have born the brunt of the damage, while Cathie Wood’s ARK Innovation exchange-traded fund, the poster-child of hyper-growth names, has tumbled 9%.

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Declines may not be over yet: Nasdaq 100 futures point to a further 0.3% drop on Thursday after the worst two-day rout since March. US 10-year Treasury yields were hovering near to 1.75%, the highest in about 10 months.

Expensive software makers, biotechs and newly minted stocks fell the most this week, while Cathie Wood’s ARK Innovation exchange-traded fund, the poster-child of hyper-growth names, tumbled 8%. The fund was up 1% on Thursday.

Higher rates reduce the present value of future earnings, weighing especially on shares of highly valued, fast-growing companies. Zscaler Inc., Datadog Inc., Peloton Interactive Inc. and Crowdstrike Holdings Inc. have lost more than 10% this week.

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Hedge funds, which spent December unloading high-growth, high-valuation stocks, began the new year by jettisoning software and chipmakers at a furious pace. In the four sessions through Tuesday, these sales reached the highest level in dollar terms in more than 10 years, according to data compiled by Goldman Sachs Group Inc.’s prime broker.

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The dip in stocks seems a bit overdone," UBS Global Wealth Management strategists led by Mark Haefele said in a note. “The normalization of Fed policy shouldn’t dent the outlook for corporate profit growth, which remains on a solid footing due to strong consumer spending, rising wages, and still easy access to capital.

Nasdaq 100 was 0.4% higher on Thursday after the worst two-day rout since March even as Tesla Inc. and Netflix Inc.