Shares of technology companies ticked up during a highly volatile session as the sector's post pandemic boom was interrupted by a bout of selling.
Early in the session, the Nasdaq Composite was as much as 17% from its November peak, flirting with bear-market territory.
Home-sharing service Airbnb fell by more than 5%, bringing its year-to-date losses to roughly 15%.
Tesla fell, with the electric car maker's shares down by one third from their 2021 peak at one stage.
"The pandemic trades are all getting whacked," said one Irish money manager, who didn't wish to be named.
"Tesla...needs to go through a lot of pain. All the cult investments are getting thumped and it's the chief cult stock."
The Financial Crisis Observatory, a bubble-tracking outfit at the Swiss Federal Institute of Technology, or ETH, in Zurich, warned in November that Tesla could see a sharp decline because of its association with a green energy bubble. Separately, Tesla countersued JPMorgan Chase, intensifying a dispute over the payout for a bond sale the bank helped arrange in 2014.
Cryptocurrencies, another popular bet during pandemic lockdowns, also fell sharply, with the price of bitcoin hovering between $34,000 and $36,000, roughly 50% lower than the peak late last year.
Meta Platforms said its research team built a new artificial intelligence supercomputer, the AI Research SuperCluster, that the company maintains will soon be the fastest in the world.
Alphabet's Google deceived consumers by recording their location even after users tried to turn off the company's tracking on their smartphones and Web browsers, according to lawsuits by Washington, D.C., and three other states.
Boeing said it's investing a further $450 million in its air-taxi joint venture with Google co-founder Larry Page, developing small, pilotless aircraft for short passenger hops in and around cities.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-24-22 1707ET
