The Magnificent Seven also face headwinds from rising bond yields
The stock market continues to experience difficulties caused by growth Treasury yield. This time, even the big tech stocks known as the “Magnificent Seven” couldn’t soften the decline.
According to the Dow Jones market, the Dow Jones fell by 384 points, which represents a decline 0.9%marking the third straight day of losses, something that hasn’t happened since August. Other major indices did not escape the negative trend: index S&P 500 Index lost 0.7%while Nasdaq Composite fell 1%.
The decline was large-scale within the S&P 500 index, while 360 stocks in negative territory. Market breadth indicator, Invesco S&P 500 Equal Weight ETFwhich weighs all companies equally, fell by one 0.5%reflecting a broader sales trend. The larger drop in the capitalization-weighted index can be attributed to weakness in large technology companies.
Among the key market components only Microsoft made a profit by increasing 0.3%. Other tech giants showed losses:
100 US dollars
Source: xStation 5
He 2-Year Treasury Yield approached 4.078%while 10-Year Bond Yield reached 4.249%. Increases in productivity have been observed since Federal Reserve Rates were cut in September and the latest economic data suggests the economy may be in better shape than expected.
Expectations about the Fed’s future actions have also changed. Depending on the instrument CME FedWatch:
This outlook suggests that investors will continue to evaluate how monetary policy and economic indicators will impact the market in the coming months.
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