The Sale Of Technology Stocks Triggered The S & P-Nasdaq Index to Collapse Together

United States (US) stock exchanges ended mixed at the end of trading Monday local time, as the sharp sell-off in technology stocks continued. This condition also occurred amid the high yields on the 10-year US government bonds. Quoting Xinhua, Tuesday, March 9, 2021, the Dow Jones Industrial Average jumped 306.14 points or 0.97 percent to 31,802.44. Meanwhile, the S&P 500 index fell 20.59 points or 0.54 percent to 3,821.35. The Nasdaq Composite Index slumped 310.99 points or 2.41 percent to 12,609.16. Meanwhile, if this news makes you think of your current stock index in a NASDAQ100 company, then we recommend you visit to hire trusted Brokers to deal with other choices of NAS100 Indexes.

Seven of the S&P 500’s 11 major sectors ended in the green, with utilities rising as much as 1.39 percent. Meanwhile, the technology and communications services sector lost 2.46 percent and 1.46 percent, respectively, the two worst-performing groups.

US-listed Chinese companies were mostly trading lower with nine of the top 10 stocks by weight in the US S&P-listed China 50 index ending the day on a gloomy note.

Investors are struggling to wrestle with rising bond yields. The yield on the 10-year US Government bond, the crude oil proxy for inflation expectations, rose to around 1.6 percent Monday afternoon local time, and the yield on the 30-year US bond also rose.

The increase in bond yields occurred after the US Senate on Saturday local time thinly approved the covid-19 aid package worth USD1, 9 trillion. The move, the key legislation for President Joe Biden, includes direct funding to combat the pandemic, direct assistance to households, and support for small businesses and communities.

The Senate-approved bill must return to the DPR for another vote, before being sent to Biden’s table. Democrats are rushing to get a new aid bill approved in Congress, as federal unemployment benefits expire in mid-March.

For the week ending Friday, the Dow and S&P 500 were up 1.8 percent and 0.8 percent, respectively, while the Nasdaq fell 2.1 percent. This condition occurred because soaring bond yields triggered selling pressure in highly developed technology stocks.

Leave a Reply

Your email address will not be published. Required fields are marked *