Tech Shares Continue to Drop, Dragging Markets Lower

• Wall Street was mostly lower on Monday as shares of companies poised to benefit from increased economic growth over the next year rose while high-flying tech stocks tumbled.

• The S&P 500 fell 0.5 percent after spending most of the day in positive territory. Large technology stocks like Apple, Amazon, Microsoft, Facebook, Netflix and Alphabet were all lower.

• The tech-heavy Nasdaq composite fell 2.4 percent, ending the day well more than 10 percent off its January peak. A drop that large is known as a correction, a Wall Street term of art that indicates something more serious than a garden-variety downturn.

• The Dow Jones industrial average rose 1 percent, ending the day at a record. Disney led the gains in the Dow, climbing 6.3 percent after officials in California said that theme parks in the state could start to reopen as soon as April 1.

• Segments of the S&P 500 that tend to do well during periods of high growth, rising prices and increasing interest rates fared the best in Monday’s session. Banks, which will benefit from an economic rebound and rising interest rates, rose. Goldman Sachs gained more than 2 percent, while JPMorgan Chase rose more than 1 percent. The S&P 500 financial sector increased 1.7 percent.

• Airlines also rallied, with United Airlines up 7 percent and Southwest gaining 6.4 percent. Among other companies that will benefit from a return to normal shopping and work habits, Gap rose nearly 6 percent, and the office-building owner Vornado Realty climbed 7 percent.

• Yields on 10-year U.S. Treasury notes rose to 1.59 percent, their highest closing level in more than a year.

Elsewhere in markets

• Most European stocks were higher, with the Stoxx Europe 600 rising more than 2 percent.

• On Monday, Andrew Bailey, the governor of the Bank of England, said there was growing economic optimism in markets and consumer and business confidence. But he added “a note of realism” that the recovery was from a low starting point. Low interest rates and the central bank’s bond-buying program were “amply” justified.

• Oil futures were lower, and shares of energy producers also fell. West Texas Intermediate, the U.S. crude benchmark, fell to about $65 a barrel. The price was higher overnight at nearly $68 after an attack on oil sites in Saudi Arabia. The attack was intercepted and production was unaffected, according to reports.

Greensill Capital, a financial firm backed by SoftBank and advised by former Prime Minister David Cameron of Britain, on Monday filed for administration, a type of bankruptcy protection in Britain, after a swift collapse.

Greensill, which provides financing to companies, is a complicated web of businesses around the world dependent on insurance and easy access to capital markets. When Greensill’s insurer refused on March 1 to renew its coverage for the company’s loans, everything fell apart in a matter of days. Apollo Global Management, an American hedge fund, is reportedly in talks to buy some parts of the business.

Greensill Capital declined to comment.

The company was founded in 2011 by Lex Greensill, who had moved to Britain from Australia in his 20s and worked at Morgan Stanley and Citigroup. Mr. Greensill set up his company after his parents, who had a sugar cane and melon farm, struggled financially because of long waits for payments for their produce, the company said on its website. Greensill offers supply chain financing by paying suppliers on behalf of companies and collecting the payments from the buyers later. Greensill also helps companies raise money in credit markets using their invoices as collateral.

The loans Greensill makes to the companies are put into funds and then sold. Credit Suisse, which had sold $10 billion in investment funds based on assets put together by Greensill, froze the funds last week. The Swiss bank said on Friday that it would liquidate the funds and begin returning cash to investors within days. The Financial Times reported on Monday that Credit Suisse was also demanding the repayment of a $140 million loan to Greensill that the company could not pay back.

Lawyers for Greensill in Australia, where the parent company is registered, told a court last week that without the insurance, more than 50,000 jobs were at risk. The insurance covered about $4.6 billion in Greensill assets from 40 clients. The court documents suggest that the insurer had been investigating its relationship to Greensill since the summer.

Last week, Germany’s bank regulator froze activities at Greensill’s unit there, Greensill Bank. BaFin, the regulator, said an audit had uncovered evidence that assets reported by the bank did not exist.

German prosecutors in Bremen, where the Greensill unit is based, have opened an investigation.

In the past decade, Mr. Greensill has risen through the…