Nasdaq closes 2.5% lower as Big Tech gets hit, economic comeback plays lift Dow, European markets close lower on U.S. bond yield jitters; G4S down 10% 
Steep losses in technology shares dragged down the S&P 500 on Monday as a continuous rise in bond yields dented the appetite for growth stocks. Meanwhile, investors piled into into economically sensitive names to bet on a comeback. 
The broad equity benchmark lost 0.8% to 3,876.50 in volatile trading, falling for a fifth straight session amid the weakness in tech and consumer discretionary. The Nasdaq Composite fell 2.5% to 13,533.05 as Tesla shares slid 8.6%. Big Tech stocks came under pressure with Apple, Amazon and Microsoft all dropping at least 2%. 
Many on Wall Street still believe that the jump in bond yields reflects a sign of growing confidence in the economic recovery and stocks should be able to absorb higher rates amid strong earnings. 
Airline stocks rebounded after Deutsche Bank upgraded several names in the industry to a buy rating. American Airlines jumped more than 9% on Monday. 

European stocks closed lower on Monday amid cautious trade in global markets. The pan-European Stoxx 600 finished the session down by over 0.4%, with tech stocks shedding 1.9% to lead losses, while the travel and leisure sector bucked the downward trend to surge 4.3%. 
In terms of individual share price movement, Anglo-German travel operator Tui climbed more than 5% to the top of the Stoxx 600, leading a broad rally for travel stocks as the U.K. outlined its emergence from lockdown and several airlines amended their policies. 
At the bottom of the index, German car battery manufacturer Varta dropped more than 10.7%, continuing a downward trend since the company’s earnings report last week, after Berenberg downgraded the stock to “hold” from “buy.” 
G4S shares fell 9.8% after Canada’s GardaWorld said it would not raise its takeover bid for the British security firm. 
Source: CNBC