Dow sheds 300 points as investors ditch technology stocks, Nasdaq drops 2%

The major averages took steep losses to start the week as investors continued their rotation out of technology stocks amid rising bond yields.

The Dow Jones Industrial Average fell about 300 points, despite a large gain in Merck. The S&P 500 shed 1.2%. The technology-focused Nasdaq Composite was the relative underperformer, dipping roughly 2%.

Large tech shares like Apple,Nvidia,Amazon and Microsoft were lower as investors eyed bond yields.