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Tech leads U.S. stock decline as bond yields soar
Claire Ballentine and Vildana Hajric, Bloomberg News
BNN Bloomberg s mid-morning market update: Feb. 25, 2021 VIDEO SIGN OUT
Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure.
The Nasdaq 100 tumbled 3.6 per cent, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Woodâs ARK Innovation ETF extended its decline, leaving it 15 per cent lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19 per cent higher.
Tech leads U.S. stock decline as bond yields soar
Claire Ballentine and Vildana Hajric, Bloomberg News
BNN Bloomberg s mid-morning market update: Feb. 25, 2021 VIDEO SIGN OUT
Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure.
The Nasdaq 100 tumbled 3.6 per cent, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Woodâs ARK Innovation ETF extended its decline, leaving it 15 per cent lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19 per cent higher.
(Feb 25): Asian stocks looked set to rise after U.S. equities reversed losses on encouraging vaccine news and soothing comments on inflation from Federal Reserve Chairman Jerome Powell. Treasury yields jumped. Futures pointed higher in Japan, Australia and Hong Kong. Energy and industrial stocks led gains in the S&P 500 Index, offsetting weakness in tech shares. Banks advanced, sending an industry gauge to its highest since 2007, and small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid-19 vaccine is safe and effective.
Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure.