A rout in technology companies pulled the Nasdaq down 3.5% Thursday, the biggest loss for the tech-heavy index since last October.

The S&P 500 gave up 2.4% and the Dow Jones Industrial Average lost a more modest 1.8%, a day after the blue chip index set a record high.

A steady march higher in Treasury yields has been drawing money out of the stock market and leading investors to question whether the massive run-up in Big Tech valuations in recent months has been excessive.

Bond yields are rising as investors anticipate more stimulus from Washington, greater economic growth and possibly a pickup in inflation.