The daily business briefing: March 9, 2021

The Nasdaq drops into correction territory but futures surge, the House nears vote on $1.9 trillion coronavirus relief package, and more 

The Capitol building
(Image credit: Sarah Silbiger/Getty Images)

1. Nasdaq enters correction territory as tech stocks dive

Tech stocks dropped on Monday, sending the tech-heavy Nasdaq index plunging by 2.4 percent and officially entering correction territory. It is now more than 10 percent below its Feb. 12 record high. Rising bond yields have been blamed for decreasing investor demand for big technology stocks and other growth companies. Apple shares fell by 4.2 percent on Monday, bringing their 2021 decline to 12 percent. Tesla dropped by 5.8 percent, and it's now down by more than 20 percent on the year. Netflix fell by more than 3 percent. Despite the Nasdaq's pain, the Dow Jones Industrial Average rose by nearly 1 percent to close at a record high. The S&P 500 fell by 0.5 percent. Futures for all three of the main U.S. indexes made solid gains overnight, with those of the Nasdaq rebounding by 2.2 percent.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.