Wall Street tumbles on tech selloff as bond yields climb

The U.S. stock market’s main indexes dropped on Thursday, with the Nasdaq on track for its worst day in four months, as a tech selloff continued following a rise in U.S. bond yields.

stock chart

Reuters:

The benchmark 10-year Treasury yields hit a one-year high of 1.53%, prompting investors to lock in profits on some high-flying growth stocks due to concerns over heightened valuations.

Apple Inc, Amazon.com Inc, Microsoft Corp, Alphabet Inc, Facebook Inc and Netflix Inc were down between 1.9% and 2.9%.

The S&P 500 technology sector and communication services, among the sectors that powered the market’s rally in 2020, were down 3.9% and 2.3%.

“In the beginning of February, the stimulus news was the driving force but now that it has been priced in, there is nothing on the distant horizon for equity investors to be excited about and there is a concern that upside is limited,” said Mike Zigmont, head of trading and research at Harvest Volatility Management.

MacDailyNews Take: The winter doldrums.

10 Comments

  1. The Tim Cook Curse is accelerating. Since Tim made Apple Big Brother’s Enforcer, the stock has gone down every day. Another 60 days and it will crack zero. Thanks Tim. You reap what you sow.

    121.33. -4.01 (-3.20%)
    As of 3:52PM EST. Market open

    1. And Tim Cook is so wicked that he has driven down Microsoft, Google, Intel, Amazon, Facebook, Netflix and nearly the entire tech sector by about the same percentage as Apple. He has even spooked the international bond market. Such a powerful man! No small hands there.

      1. Cook Apologist just can’t help himself and once again no disagreement, just more ridiculous deflections and snide childish insults to the hardest working president in history. Glad to read Trump is still LIVING in your head rent free…

        1. Says sad sycophant GoeB from the irony free desert_of_denial™️ after ~300 rounds of golf costing every man, woman and child in America $25 thus shamelessly redefining the term ‘hard work’. That’s almost 1 in every 4 days of presidency.
          And those stats make ‘you’ a liar

    2. Certainly, Apple’s stock has been DECLINING steadily for a month and buyback money could be better directed at acquisitions or other smart purposes. Seems like a waste, much like late to the party Apple TV entertainment purchases and still incapable of a decent remote. That said, we shall see…

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