Nasdaq slumps as surge in bond yields pressures tech stocks

Nasdaq slumps as surge in bond yields pressures tech stocks

The Edge Markets - World·2021-03-19 05:03

NEW YORK (March 18): The S&P 500 eased from a record high on Thursday while the tech-heavy Nasdaq shed more than 1% as a spike in US bond yields accelerated a move out of pandemic winner tech stocks and into economy-linked financials and industrials.

The Russell 1000 value index, which is heavily comprised of cyclical stocks such as financials and energy, added about 0.3% while the Russell 1000 growth index, which includes technology stocks, dropped about 1.3%.

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