Stocks fall as tech suffers heavy loss

Megacap tech shares slumped again Wednesday as pessimism about the sector showed few signs of letting up. The dollar jumped while Treasury yields held below 2.8 percent as data showed American economic growth beat estimates.

Volatility measures spiked as the Nasdaq 100 Index fell, with Netflix and Amazon.com among the biggest losers. The gauge is heading for its worst month in two years. The S&P 500 Index edged lower, hovering just above its average price for the past 200 days — a level that’s set a line in the sand in the selloffs last week and in early February.

“The return of volatility is something a big number of people in the business have never experienced, but where we are now is the new old normal,” said Don Townswick, the director of equities at Hartford-based Conning, which manages $121 billion.

The 10-year yield briefly dipped below 2.75 percent for the first time since early February. Gold retreated and the yen tumbled. Crude slumped below $65 a barrel. European equities advanced after Asian stocks posted broad declines.

Technology shares have suffered the most from investor jitters this month after leading much of the bull-market charge in global equities during the past few years. Pressure is growing on the stocks amid speculation about a regulatory crackdown related to data privacy and antitrust concerns, U.S. threats to forbid Chinese investments in the sector and a move by traders to lock in their gains after the Nasdaq 100 soared more than 60 percent in the two years through mid-March.