A swift rise in government-bond yields is hitting shares of technology stalwarts that have powered major indexes higher for years, testing investors’ faith in some of the stock market’s most popular trades.

Shares of software giant Microsoft Corp. , Google parent Alphabet Inc . and chip maker Nvidia Corp. have fallen about 4.5% or more so far this week, dragging down major indexes and equity funds that give companies with large market values greater influence. Together with Apple Inc., Amazon.com Inc . , Facebook Inc . and Netflix Inc . , the seven companies lost about $315 billion in market value Tuesday, the largest slide since last October, according to Dow Jones Market Data. The S&P 500 is now down 3.8% in September and on track for its largest monthly decline in a year. 

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