US technology stocks declined for the second day in a row on concerns that rising long-term interest rates would derail a historic surge in the share prices of fast-growing companies.

The technology-focused Nasdaq Composite fell 1.7 per cent while the blue-chip S&P 500 lost 0.7 per cent. Wall Street high-flyers like Tesla, payments company Square and Zoom Video Communications all declined. Larger tech groups including Apple, Amazon and Google parent Alphabet also lost ground.

The renewed selling came after the Nasdaq Composite fell 2.5 per cent on Monday in what some investors suggested was the beginning of an overdue correction. The index is still up 40 per cent over the past year.

European tech shares also sold off on Tuesday, with the regional Stoxx 600

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