NEW YORK (dpa-AFX) – On Monday, investors on the US stock market moved further away from the highly valued technology sector. Standard values ran better again. The Dow Jones Industrial climbed to a record high at 32 148 points, after which the momentum subsided and the leading index ended trading up 0.97 percent to 31 802.44 points. The market-wide S&P 500, however, suffered from tech values by 0.54 percent to 3821.35 points.
“Old Economy” papers received a further boost at the beginning of the week, while technology stocks, which had risen sharply in recent months, suffered again from the rise in yields on the bond market. Higher interest rates make financing more expensive for high-growth industries. In addition, the sometimes extremely high valuations then appear less attractive.
The technology-heavy Nasdaq 100 fell after its recovery attempt on Friday by 2.92 percent to 12 299.08 points. The papers of the electric car maker Tesla continued their recent downward trend with a minus of almost six percent, as did the shares of the iPhone manufacturer Apple with a discount of more than four percent.
The yield on ten-year US government bonds was recently around 1.6 percent, the futures contract for ten-year Treasuries (T-Note Future) fell 0.35 percent to 131.77 points. For weeks, interest rate hikes have been coming from increasing economic optimism and worries about rising inflation. The background is the upcoming economic stimulus package under US President Joe Biden to deal with the corona crisis, which the US Senate approved on Saturday./ajx/mis
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