Stocks
Tech Stocks Drag US Markets Lower Amid Rising Treasury Yields
US stocks fell on Wednesday, led by tech shares and consumer stocks. The Nasdaq Composite Index dropped 1.13% to 26,936.04.
The 10-year Treasury yield reached its highest level since July 2007, weighing on equities. Long-term Treasury yields also stabilized at multi-year highs.
Among mega-cap tech stocks, Meta Platforms rose 1.02%, Microsoft gained 0.52%, and Tesla advanced 0.32%. However, SpaceX fell 4.11% to $148.36 after its President and Chief Operating Officer Gwynne Shotwell planned to sell over $52 million worth of stock.
Software stocks bucked the trend, with Palo Alto Networks gaining 5.00%, CrowdStrike rising 4.97%, Palantir advancing 3.68%, and Fortinet climbing 2.57%.