World equity indexes slid and US Treasury yields fell on Tuesday as low trading volume, a lull in economic news and lack of a catalyst to lift stocks higher sparked a sell-off by investors worried further upside in markets is limited.
The tech-rich Nasdaq fell 2.3%, marking its biggest single-day decline in six weeks, while the yield on the 10-year Treasury note fell to a low of 1.557%, a slide that normally would push technology shares higher.
A recent surge in commodity prices bucked the downward shift in equity markets and helped spur talk of an inflation spike.
The Refinitiv/CoreCommodity CRB Index traded near three-year highs as commodities rallied on investor bets demand will grow as economies reopen.
Investors sold the high-flying tech-related stocks that have doubled the value of the Nasdaq since March 2020 lows, and bought government debt, pushing yields lower.
Apple Inc, Amazon.com Inc and Microsoft Corp led the decline on Nasdaq and the…